# Illinois HB4770: CREDIT UNIONS-VARIOUS Illinois HB4770, CREDIT UNIONS-VARIOUS, is a 104th General Assembly (2025–2026) House bill sponsored by no sponsor on record; status signed, last action 2026-06-26 (Public Act . . . . . . . . . 104-0505); PRIA reads it as touching household money (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/IL-HB4770-2025-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Illinois HB4770 - State: Illinois - Session: 104th General Assembly (2025–2026) - Title: CREDIT UNIONS-VARIOUS - Status: signed - Chamber: House - Introduced: 2026-02-02 - Last action: 2026-06-26, Public Act . . . . . . . . . 104-0505 - Sponsors: no sponsor on record - Cosponsors: 2 - Subjects: financial institutions and licensing, assignments - Touches household money: yes - Roll calls: 4 (190 yes, 0 no in all) - Economic provisions PRIA read: 6 ## 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. ## Bill overview: provisions PRIA read - Credit unions can offer digital asset services: benefit, low. 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 gua… - Credit unions can invest in mortgage securities: benefit, low. 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: benefit, low. 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: cost, low. 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: cost, low. 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 q… - Limits on credit union employee-plan investments: cost, low. 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 and cosponsors - Cosponsor: David Koehler (Democratic), Senate - Cosponsor: Jay Hoffman (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-05-14 | Senate | Third Reading - Passed; | pass | 58 | 0 | | | 2026-04-14 | House | Third Reading - Short Debate - Passed | pass | 109 | 0 | | | 2026-04-08 | House | House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; | pass | 11 | 0 | | | 2026-03-24 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; | pass | 12 | 0 | | ## Actions (34) - 2026-06-26: Public Act . . . . . . . . . 104-0505 (House) - 2026-06-26: Effective Date June 26, 2026 (House) - 2026-06-26: Governor Approved (House) - 2026-06-12: Sent to the Governor (House) - 2026-05-14: Passed Both Houses (House) - 2026-05-14: Third Reading - Passed; 058-000-000 (Senate) - 2026-04-30: Placed on Calendar Order of 3rd Reading May 5, 2026 (Senate) - 2026-04-30: Second Reading (Senate) - 2026-04-28: Placed on Calendar Order of 2nd Reading April 29, 2026 (Senate) - 2026-04-28: Approved for Consideration Assignments (Senate) - 2026-04-21: Referred to Assignments (Senate) - 2026-04-21: First Reading (Senate) - 2026-04-21: Chief Senate Sponsor Sen. David Koehler (Senate) - 2026-04-15: Placed on Calendar Order of First Reading April 16, 2026 (Senate) - 2026-04-15: Arrive in Senate (Senate) - 2026-04-14: Third Reading - Short Debate - Passed 109-000-000 (House) - 2026-04-14: Placed on Calendar Order of 3rd Reading - Short Debate (House) - 2026-04-14: House Floor Amendment No. 2 Adopted (House) - 2026-04-10: Held on Calendar Order of Second Reading - Short Debate (House) - 2026-04-10: Second Reading - Short Debate (House) - 2026-04-08: House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 (House) - 2026-04-07: House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee (House) - 2026-03-26: House Floor Amendment No. 2 Referred to Rules Committee (House) - 2026-03-26: House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman (House) - 2026-03-25: Placed on Calendar 2nd Reading - Short Debate (House) - 2026-03-24: Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 (House) - 2026-03-24: House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote (House) - 2026-03-20: House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee (House) - 2026-03-18: House Committee Amendment No. 1 Referred to Rules Committee (House) - 2026-03-18: House Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman (House) - 2026-03-18: Assigned to Financial Institutions and Licensing Committee (House) - 2026-02-06: Referred to Rules Committee (House) - 2026-02-06: First Reading (House) - 2026-02-02: Filed with the Clerk by Rep. Jay Hoffman (House) ## Bill text - Engrossed: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770eng.pdf) - Enrolled: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770enr.pdf) - House Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770ham001.pdf) - House Amendment 2: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770ham002.pdf) - Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770.pdf) ## Related bills - HB5198: AFFORDABLE HOUSING-CILAS (passed house) - SB1937: PENSION CODE-VARIOUS (passed senate) - HB2563: CONDO-RESERVE STUDY (in committee) - HB4701: LIMITATIONS FACILITY FEES ACT (in committee) - SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate) - SB3484: VEH CD-PLATES-REGISTRATION (signed) ## Sources - [Engrossed (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770eng.pdf) - [Enrolled (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770enr.pdf) - [House Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770ham001.pdf) - [House Amendment 2 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770ham002.pdf) - [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB4770.pdf) ## Related - [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026) - [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026) - [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026) - [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026) - [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026) - [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026) - [Illinois bills](https://policyrisk.com/states/illinois/bills) - [Illinois state hub](https://policyrisk.com/states/illinois) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/IL-HB4770-2025-2026 (as of 2026-11-01).