HB4770 - 104th General Assembly (2025-2026)

CREDIT UNIONS-VARIOUS
Last Action
3/25/2026 - House: Placed on Calendar 2nd Reading - Short Debate
House Sponsors
Rep. Jay Hoffman
Statutes Amended In Order of Appearance
205 ILCS 305/20  from Ch. 17, par. 4421
205 ILCS 305/29  from Ch. 17, par. 4430
205 ILCS 305/57.3 new  
205 ILCS 305/57.5 new  
205 ILCS 305/59  from Ch. 17, par. 4460
Synopsis As Introduced
Amends the Illinois Credit Union Act. Provides that the business office for a credit union's registered agent may, but is not required to, be (instead of shall be) the same as the principal place of business of the credit union. In provisions concerning meetings of directors, sets forth provisions concerning the preparation and approval of meeting minutes. Adds provisions concerning disclosure and due diligence requirements for credit unions when providing digital asset services or contracting with a covered person or digital asset service provider and provisions concerning sales of debt cancellation services and products by a credit union to its members. In provisions concerning the investment of funds not used in loans, provides that the funds may be invested in commercial mortgage related securities and collateralized mortgage obligations to aid in the credit union's management of its assets, liabilities, and liquidity. Effective immediately.

House Committee Amendment No. 1
Adds reference to:
205 ILCS 305/15  from Ch. 17, par. 4416
205 ILCS 305/26  from Ch. 17, par. 4427
205 ILCS 305/30  from Ch. 17, par. 4431
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Makes changes to senior management official and executive officer provisions. In provisions concerning the delegation of duties by the board of directors, provides that the board of directors may delegate to the chief management official the hiring of employees other than the chief management official, including, without limitation, vice presidents and other officers (instead of just the hiring of employees other than the chief management official), and fixing their title, grade, and compensation (instead of just their compensation). Removes provisions concerning a credit union's authority to engage in digital asset business activity and perform custodial services. Provides that, when marketing or advertising digital assets, digital asset business activities conducted by covered persons or service providers (instead of digital asset business activities), and related administrative functions to the members of the credit union, the members shall receive the specified information. Makes changes to compliance requirements in provisions concerning the investment of credit union funds in commercial mortgage related securities and collateralized mortgage obligations. Effective immediately.
Actions
DateChamberAction
2/02/2026HouseFiled with the Clerk by Rep. Jay Hoffman
2/06/2026HouseFirst Reading
2/06/2026HouseReferred to Rules Committee
3/18/2026HouseAssigned to Financial Institutions and Licensing Committee
3/18/2026HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
3/18/2026HouseHouse Committee Amendment No. 1 Referred to Rules Committee
3/20/2026HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
3/24/2026HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
3/24/2026HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000
3/25/2026HousePlaced on Calendar 2nd Reading - Short Debate
3/26/2026HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
3/26/2026HouseHouse Floor Amendment No. 2 Referred to Rules Committee