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IL HB4770

Bill

Official Source

Status

Introduced

2/2/2026

Primary Sponsor

Jay Hoffman

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Allows credit unions' registered agent business office to be located separately from the principal place of business, rather than requiring them to be the same location
  • Establishes requirements for preparation and approval of board meeting minutes, specifying that the secretary or recording secretary must sign minutes for authentication, and that minutes become final only upon majority board approval
  • Adds new disclosure and due diligence requirements for credit unions offering digital asset services or contracting with digital asset service providers
  • Authorizes credit unions to sell debt cancellation services and products to their members
  • Expands permissible investments for credit union funds not used in loans to include commercial mortgage-related securities and collateralized mortgage obligations for asset, liability, and liquidity management

Legislative Description

CREDIT UNIONS-VARIOUS

Last Action

Referred to Rules Committee

2/6/2026

Committee Referrals

Rules2/6/2026

Full Bill Text

No bill text available