Illinois HB 4770: CREDIT UNIONS-VARIOUS

Status: Passed Both Houses (as of 2026-05-14)

State: Illinois · Session: 104th · Bill: HB 4770

Sponsors: David Koehler, Jay Hoffman

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 Full Text of HB4770

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HB4770 EnrolledLRB104 19646 BAB 33095 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Credit Union Act is amended by 

5changing Sections 15, 20, 26, 29, 30, and 59 and by adding 

6Section 57.3 as follows:

7 (205 ILCS 305/15) (from Ch. 17, par. 4416)

8 Sec. 15. Membership defined. 

9 (1) The membership of a credit union shall be limited to 

10and consist of the subscribers to the articles of 

11incorporation and such other persons within the common bond, 

12as defined in this Act and as set forth in the credit union's 

13articles of incorporation, as have been duly admitted members, 

14have paid the required entrance fee or membership fee, or 

15both, if any, have subscribed for one or more shares, and have 

16paid the initial installment thereon, and have complied with 

17such other requirements as the articles of incorporation or 

18bylaws specify. Two or more persons within the common bond who 

19have jointly subscribed for one or more shares under a joint 

20account and have complied with all membership requirements may 

21each be admitted to membership. The surviving spouse of a 

22credit union member may, within 6 months of the member's 

23death, become a member of the credit union by paying the 

HB4770 Enrolled- 2 -LRB104 19646 BAB 33095 b

1required entrance fee or membership fee or both, if any, by 

2subscribing for one or more shares and paying the initial 

3installment thereon, and by complying with such other 

4requirements as

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