CREDIT UNIONS-VARIOUS

104th Regular Session Introduced by Jay Hoffman and 1 co-sponsor

HB 4770 narrows Illinois credit union regulatory provisions, consolidating sections and deleting redundant language to reduce scope and regulatory complexity.

Passed Both Houses

Summary of Bill: HB 4770 (104th Illinois General Assembly)

Main purpose and intent

HB 4770, introduced by Rep. Jay Hoffman with co-sponsor Sen. David Koehler, is an amendment package related to consumer financial services, specifically governing credit unions and related regulatory provisions in Illinois.

The amendment focus appears to refine, modify, or narrow existing sections (notably Section 57.3 and related language) within the bill as amended, with adjustments to the scope of certain provisions.

Key provisions and changes (as indicated by amendment history)

The amendment replaces references to “Sections 57.3 and 57.5” with “Section 57.3” on a specified page and line, suggesting a narrowing of the bill’s reach or a consolidation of related provisions.

The amendment also involves removing certain material between page 24 line 22 and page 25 line 23, indicating a deletion of a particular clause or set of requirements. This suggests a simplification or re-scoping of regulatory language.

Overall, the amendment process shows iterative refinement through:

House Floor Amendment No. 1 and No. 2
Committee refinements in Financial Institutions and Licensing
Revisions adopted during subsequent readings and Senate referral

Without the full text of the underlying bill and the amendments, the precise substantive outcomes are not enumerated here. The visible edits imply changes to the scope and application of a credit union regulatory framework within the Illinois Compiled Statutes.

Affected entities and stakeholders

Primary: Illinois credit unions (and their members), as well as state regulatory bodies overseeing financial institutions.

Potential secondary effects: financial institutions that interact with credit unions (e.g., vendors, auditors, loan guarantors) and consumers seeking credit union services.

Since amendments narrow certain sections, affected parties may experience changes in compliance requirements, reporting obligations, or regulatory review processes tied to Section 57.x provisions.

Procedural and timeline aspects

Legislative progress:

Filed: February 2, 2026
House Floor Amendment No. 2 adopted: April 14, 2026
Passed House (Third Reading): May 14, 2026, with a 58-0-0 vote
Sent to Senate: April 15, 2026 (arrived in Senate), with first readings in April
Senate sponsor: Sen. David Koehler

Amendment activity shows active negotiation and refinement across March–May 2026, including multiple amendments and committee action (Financial Institutions and Licensing Committee).

Practical impact and considerations

The bill’s core impact hinges on the final text after all amendments. Based on the amendment actions:

There may be a narrowing of provisions governing credit unions, potentially reducing regulatory complexity or clarifying scope.
Changes could affect compliance timelines, reporting requirements, or supervisory authorities related to Section 57.3 (and possibly related sections previously paired with 57.5).

Stakeholders should monitor the final enacted language to determine specific regulatory obligations, effective dates, and any transitional provisions.

Notable dates to track

Final passage: May 14, 2026 (House)

Next steps: If enacted, the bill would become law on assent by the governor unless otherwise specified, with any effective dates defined in the final enacted text.

If you’d like, I can pull the exact language of the current bill and the amendments to provide a line-by-line comparison and identify the precise substantive changes.