All Roll Calls
Yes: 190 • No: 0
IllinoisHB4770104th General Assembly (2025–2026)HouseWALLET
CREDIT UNIONS-VARIOUS
Sponsored By: Sponsor information unavailable
Became Law
Summary
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.
financial institutions and licensingassignments
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 3 benefits, 0 costs, 4 mixed.
Fintech investments with caps and protections
Credit unions may invest in fintechs up to 2.5% of net worth if they stay well capitalized and hold a CAMELS 1 or 2. The cap rises to 5% if the management rating is 1, and the Department may allow up to 10% on written request. A legal opinion and a written agreement are required, with record access, GAAP reports, and safety‑and‑soundness termination triggers. Fintechs that handle Illinois consumer loans through this channel cannot charge interest above the federal maximum in 12 CFR 701.21(c)(7)(iii)-(iv).
New risk tools and investment limits
Credit unions may use derivatives to manage interest‑rate risk if they follow federal rules; large credit unions (at least $500 million, CAMELS management 1 or 2) can trade without prior approval but must notify the Secretary within 5 business days of the first trade. Buying and managing CMBS and CMOs must meet federal standards. A single issuer (excluding its general obligations) is capped at 10% of unimpaired capital and surplus, and municipal holdings must be rated in the top four categories. Total investments in CDFIs and minority depositories are capped at 5% of paid‑in and unimpaired capital and surplus. A special exception lets credit unions invest outside normal limits to fund employee benefit plans, and credit unions that buy loans may service and collect on those loans.
Digital-asset services and member warnings
Credit unions can work with providers so members can hold, buy, and sell digital assets. They must vet providers and sign contracts that cover duties, data security, reporting, and how to end the deal. When they market these products, they must clearly say the assets are not federally insured, not guaranteed, can be volatile, may have fees, and may limit recourse. They must also say if a third party offers the product.
Board meetings, officers, and minutes
Boards must elect a chair, vice chair(s), secretary, and treasurer and appoint a chief management official; officers serve one year. A supervisory committee of at least three members is required. Boards must meet regularly; those with top CAMELS ratings can meet as few as 4–6 times a year depending on assets and approvals. Directors and committee members can join meetings remotely and act by unanimous written consent. The secretary must keep minutes that become final after majority board or membership approval.
Stronger oversight, training, and disclosures
Directors must learn basic finance and accounting within six months if they lack it. The board may let the chief management official set loan and dividend rates and hire staff under board guidelines. Compliance review documents are confidential, but regulators and insurers can use them, and confidentiality does not block actions or discovery. A credit union must get Department approval before handing off most manager duties to another credit union. If it names a registered agent, it must list the agent in the annual report and post the agent’s name and main address online.
Member voting and board elections
The board has at least seven directors elected at the annual meeting. A credit union may switch to one‑member‑one‑vote by amending its bylaws. Otherwise, individual members vote by their shares or use cumulative voting; businesses get one vote. The board may allow electronic voting, which must meet state electronic‑signature attribution rules. If the board adopts an age policy, members must be 18 to vote, sign petitions, or hold office.
Membership rules, withdrawals, and expulsions
Only people in the credit union’s common bond can join. A surviving spouse can join within six months of a member’s death. You can withdraw anytime after giving any bylaw notice; the credit union can require up to 60 days’ written notice. When you leave, the credit union pays your share funds and declared dividends after subtracting what you owe. The board or members can expel a member under policy, and managers may expel with a right to appeal to the board within 30 days; services can be denied for losses or policy violations, but you can keep a share account and vote. If you fail to keep one fully paid share, you get 30 days to fix it before automatic expulsion, and members must get advance notice of any expulsion policy.
Sponsors & Cosponsors
Sponsors
There is no primary sponsor on record.
Cosponsors
David Koehler
Affiliation unavailable
Jay Hoffman
Affiliation unavailable
Roll Call Votes
Senate vote • 5/14/2026
Third Reading - Passed;
Yes: 58 • No: 0
House vote • 4/14/2026
Third Reading - Short Debate - Passed
Yes: 109 • No: 0
House vote • 4/8/2026
House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee;
Yes: 11 • No: 0
House vote • 3/24/2026
Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee;
Yes: 12 • No: 0
Actions Timeline
Public Act . . . . . . . . . 104-0505
6/26/2026HouseEffective Date June 26, 2026
6/26/2026HouseGovernor Approved
6/26/2026HouseSent to the Governor
6/12/2026HousePassed Both Houses
5/14/2026HouseThird Reading - Passed; 058-000-000
5/14/2026SenatePlaced on Calendar Order of 3rd Reading May 5, 2026
4/30/2026SenateSecond Reading
4/30/2026SenatePlaced on Calendar Order of 2nd Reading April 29, 2026
4/28/2026SenateApproved for Consideration Assignments
4/28/2026SenateReferred to Assignments
4/21/2026SenateFirst Reading
4/21/2026SenateChief Senate Sponsor Sen. David Koehler
4/21/2026SenatePlaced on Calendar Order of First Reading April 16, 2026
4/15/2026SenateArrive in Senate
4/15/2026SenateThird Reading - Short Debate - Passed 109-000-000
4/14/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/14/2026HouseHouse Floor Amendment No. 2 Adopted
4/14/2026HouseHeld on Calendar Order of Second Reading - Short Debate
4/10/2026HouseSecond Reading - Short Debate
4/10/2026HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
4/8/2026HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
4/7/2026HouseHouse Floor Amendment No. 2 Referred to Rules Committee
3/26/2026HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
3/26/2026HousePlaced on Calendar 2nd Reading - Short Debate
3/25/2026House
Bill Text
Engrossed
Enrolled
House Amendment 1
House Amendment 2
Introduced
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