IllinoisHB4770104th General Assembly (2025–2026)HouseWALLET

CREDIT UNIONS-VARIOUS

Sponsored By: Sponsor information unavailable

Signed by Governor

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

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

Analyzed Economic Effects

6 provisions identified: 3 benefits, 3 costs, 0 mixed.

Credit unions can offer digital asset services

Credit unions can work with providers so members can hold, buy, and sell digital assets. They must check providers and sign written agreements covering duties, member information, security, reporting, ending the service, and legal compliance. Ads must say the assets are not federally insured or guaranteed by the credit union, may be volatile and involve fees, and may offer no recourse. Ads must also say whether a third party offers the assets.

Credit unions can invest in mortgage securities

Illinois credit unions can invest in commercial mortgage-related securities and collateralized mortgage obligations. They must follow specified federal requirements and applicable state rules before investing and while managing these investments.

Credit unions can service acquired loans

A credit union that acquires loans from another financial institution under this law can service and collect those loans. This authority applies only to loans acquired under the law and does not create a new payment duty or collection rule for borrowers.

More credit union leaders can expel members

A credit union’s board can delegate member-expulsion authority to senior management officials. The list of officials includes the chief experience officer and chief legal officer. The law does not require a credit union to delegate this power or expel a member.

Credit unions must keep meeting minutes

Credit unions must prepare, keep, and sign minutes of member and board meetings. A majority of directors can approve board minutes at a meeting with a quorum, or directors can approve them unanimously without a meeting. A majority of members must approve member-meeting minutes at a meeting with a quorum.

Limits on credit union employee-plan investments

A credit union’s investment tied to an employee benefit plan must relate directly to its obligations under that plan. It can hold the investment only while it has an actual or possible obligation. The law does not change an employee’s benefit amount.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • David Koehler

    Democratic • Senate

  • Jay Hoffman

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 190 • No: 0

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

  1. Public Act . . . . . . . . . 104-0505

    6/26/2026House
  2. Effective Date June 26, 2026

    6/26/2026House
  3. Governor Approved

    6/26/2026House
  4. Sent to the Governor

    6/12/2026House
  5. Passed Both Houses

    5/14/2026House
  6. Third Reading - Passed; 058-000-000

    5/14/2026Senate
  7. Placed on Calendar Order of 3rd Reading May 5, 2026

    4/30/2026Senate
  8. Second Reading

    4/30/2026Senate
  9. Placed on Calendar Order of 2nd Reading April 29, 2026

    4/28/2026Senate
  10. Approved for Consideration Assignments

    4/28/2026Senate
  11. Referred to Assignments

    4/21/2026Senate
  12. First Reading

    4/21/2026Senate
  13. Chief Senate Sponsor Sen. David Koehler

    4/21/2026Senate
  14. Placed on Calendar Order of First Reading April 16, 2026

    4/15/2026Senate
  15. Arrive in Senate

    4/15/2026Senate
  16. Third Reading - Short Debate - Passed 109-000-000

    4/14/2026House
  17. Placed on Calendar Order of 3rd Reading - Short Debate

    4/14/2026House
  18. House Floor Amendment No. 2 Adopted

    4/14/2026House
  19. Held on Calendar Order of Second Reading - Short Debate

    4/10/2026House
  20. Second Reading - Short Debate

    4/10/2026House
  21. House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000

    4/8/2026House
  22. House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee

    4/7/2026House
  23. House Floor Amendment No. 2 Referred to Rules Committee

    3/26/2026House
  24. House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman

    3/26/2026House
  25. Placed on Calendar 2nd Reading - Short Debate

    3/25/2026House

Bill Text

  • Engrossed

  • Enrolled

  • House Amendment 1

  • House Amendment 2

  • Introduced

Related Bills

Back to State Legislation