IL HB4770 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 2)
Status: Enrolled on May 14 2026 - 75% progression
Action: 2026-06-12 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]
Status: Enrolled on May 14 2026 - 75% progression
Action: 2026-06-12 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]
Summary
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.
Title
CREDIT UNIONS-VARIOUS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2026-06-12 | House | Sent to the Governor |
| 2026-05-14 | House | Passed Both Houses |
| 2026-05-14 | Senate | Third Reading - Passed; 058-000-000 |
| 2026-04-30 | Senate | Placed on Calendar Order of 3rd Reading May 5, 2026 |
| 2026-04-30 | Senate | Second Reading |
| 2026-04-28 | Senate | Placed on Calendar Order of 2nd Reading April 29, 2026 |
| 2026-04-28 | Senate | Approved for Consideration Assignments |
| 2026-04-21 | Senate | Referred to Assignments |
| 2026-04-21 | Senate | First Reading |
| 2026-04-21 | Senate | Chief Senate Sponsor Sen. David Koehler |
| 2026-04-15 | Senate | Placed on Calendar Order of First Reading April 16, 2026 |
| 2026-04-15 | Senate | Arrive in Senate |
| 2026-04-14 | House | Third Reading - Short Debate - Passed 109-000-000 |
| 2026-04-14 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2026-04-14 | House | House Floor Amendment No. 2 Adopted |
| 2026-04-10 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2026-04-10 | House | Second Reading - Short Debate |
| 2026-04-08 | House | House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 |
| 2026-04-07 | House | House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee |
| 2026-03-26 | House | House Floor Amendment No. 2 Referred to Rules Committee |
| 2026-03-26 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman |
| 2026-03-25 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2026-03-24 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 2026-03-24 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
| 2026-03-20 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2026-03-18 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2026-03-18 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman |
| 2026-03-18 | House | Assigned to Financial Institutions and Licensing Committee |
| 2026-02-06 | House | Referred to Rules Committee |
| 2026-02-06 | House | First Reading |
| 2026-02-02 | House | Filed with the Clerk by Rep. Jay Hoffman |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 205 | 305 | 15 | Amended Code | Citation Text |
| 205 | 305 | 20 | Amended Code | Citation Text |
| 205 | 305 | 26 | Amended Code | Citation Text |
| 205 | 305 | 29 | Amended Code | Citation Text |
| 205 | 305 | 30 | Amended Code | Citation Text |
| 205 | 305 | 57.3 | New Code | See Bill Text |
| 205 | 305 | 59 | Amended Code | Citation Text |
