The legislature's own summary of the bill, or its official long title.
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…
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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.
Every action
34 steps, oldest first, as the legislature records them.
Show the 26 earlier steps
HouseFiled with the Clerk by Rep. Jay Hoffman
HouseFirst Reading
CommitteeReferred to Rules Committee · House Rules
CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
CommitteeHouse Committee Amendment No. 1 Referred to Rules Committee · House Rules
CommitteeHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
CommitteeHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote · House Financial Institutions & Licensing
CommitteeDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 · House Financial Institutions & Licensing
HousePlaced on Calendar 2nd Reading - Short Debate
HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
CommitteeHouse Floor Amendment No. 2 Referred to Rules Committee · House Rules
CommitteeHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
CommitteeHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 · House Financial Institutions & Licensing
HouseSecond Reading - Short Debate
HouseHeld on Calendar Order of Second Reading - Short Debate
HouseHouse Floor Amendment No. 2 Adopted
HousePlaced on Calendar Order of 3rd Reading - Short Debate
HouseThird Reading - Short Debate - Passed 109-000-000
SenateArrive in Senate
SenatePlaced on Calendar Order of First Reading April 16, 2026
SenateChief Senate Sponsor Sen. David Koehler
SenateFirst Reading
CommitteeReferred to Assignments · Senate Assignments
CommitteeApproved for Consideration Assignments · Senate Assignments
SenatePlaced on Calendar Order of 2nd Reading April 29, 2026
SenateSecond Reading
SenatePlaced on Calendar Order of 3rd Reading May 5, 2026
SenateThird Reading - Passed; 058-000-000
HousePassed Both Houses
HouseSent to the Governor
HouseGovernor Approved
HouseEffective Date June 26, 2026
HousePublic Act . . . . . . . . . 104-0505
Roll calls
4 recorded votes: 2 on the floor, 2 in committee. Each shows how every member voted.
