HB4770 - 104th General Assembly (2025-2026)

CREDIT UNIONS-VARIOUS
Last Action
2/06/2026 - House: Referred to Rules Committee
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.
Actions
DateChamberAction
2/02/2026HouseFiled with the Clerk by Rep. Jay Hoffman
2/06/2026HouseFirst Reading
2/06/2026HouseReferred to Rules Committee