republic-os/legislation/us/states/il/102nd/hb-4462.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	FINANCE-CREDIT UNION/VARIOUS	Amends the Illinois Credit Union Act. Sets forth provisions concerning credit unions that serve target markets. In provisions concerning election or appointment of officials, provides that the board of directors may appoint, from among the members of the credit union, a nominating committee of 3 or more persons, and that the nominating committee may recruit, evaluate, and nominate eligible candidates for each position to be filled in the election of directors or to be filled by appointment of the board of directors for the remainder of the unexpired term of a director. Sets forth provisions concerning the nominating committee. In provisions concerning meetings of directors, provides that upon approval by the Secretary of Financial and Professional Regulation of an amendment to the bylaws of the credit union, the board of directors may hold meetings on a quarterly basis. In provisions concerning duties of the supervisory committee, sets forth provisions concerning accounting principles for specified credit unions. In provisions concerning special purpose share accounts and charitable donation accounts, provides that a credit union may establish one or more donor-advised fund accounts. Sets forth provisions concerning transfers from a donor-advised fund account, distributions by a foundation receiving donor-advised funds from a credit union, and transfers by a credit union from its donor-advised fund account to a foundation. In provisions concerning shares in trust, provides that shares may be issued in the name of an individual or corporate representative under the Illinois Probate Act of 1975 for or in respect of a nonmember of a credit union if the representative is an individual who is a member of the credit union. In provisions concerning investment of funds, provides that funds not used in loans to members may be invested in shares, stocks, or units of financial technology companies in a total amount not exceeding 5% of the unimpaired capital and surplus of the credit union, so long as the investment complies with specified documentation and separate corporate existence requirements. Changes references from "secure electronic record" to "electronic record". Defines terms. Makes other changes.	us/states/il	Illinois General Assembly	102nd	HB 4462	Illinois HB 4462 (102nd)	bill		enacted	Antonio Muñoz Jay Hoffman	5	36	2	2022-01-11	2022-05-13	openstates	ocd-bill/43621931-0bc7-4e75-a3f2-ce73c590f2b8	https://ilga.gov/legislation/BillStatus.asp?DocNum=4462&GAID=16&DocTypeID=HB&LegId=137860&SessionID=110&GA=102	9e46cc54867d1e962fd9366e6460690c31bbe76f2e672cd58f75b3355c47531e	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-il

Illinois HB 4462 (102nd) — FINANCE-CREDIT UNION/VARIOUS

Amends the Illinois Credit Union Act. Sets forth provisions concerning credit unions that serve target markets. In provisions concerning election or appointment of officials, provides that the board of directors may appoint, from among the members of the credit union, a nominating committee of 3 or more persons, and that the nominating committee may recruit, evaluate, and nominate eligible candidates for each position to be filled in the election of directors or to be filled by appointment of the board of directors for the remainder of the unexpired term of a director. Sets forth provisions concerning the nominating committee. In provisions concerning meetings of directors, provides that upon approval by the Secretary of Financial and Professional Regulation of an amendment to the bylaws of the credit union, the board of directors may hold meetings on a quarterly basis. In provisions concerning duties of the supervisory committee, sets forth provisions concerning accounting principles for specified credit unions. In provisions concerning special purpose share accounts and charitable donation accounts, provides that a credit union may establish one or more donor-advised fund accounts. Sets forth provisions concerning transfers from a donor-advised fund account, distributions by a foundation receiving donor-advised funds from a credit union, and transfers by a credit union from its donor-advised fund account to a foundation. In provisions concerning shares in trust, provides that shares may be issued in the name of an individual or corporate representative under the Illinois Probate Act of 1975 for or in respect of a nonmember of a credit union if the representative is an individual who is a member of the credit union. In provisions concerning investment of funds, provides that funds not used in loans to members may be invested in shares, stocks, or units of financial technology companies in a total amount not exceeding 5% of the unimpaired capital and surplus of the credit union, so long as the investment complies with specified documentation and separate corporate existence requirements. Changes references from "secure electronic record" to "electronic record". Defines terms. Makes other changes.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Introduced (filed) — source
2. Engrossed (committee substitute) — source
3. House Amendment 001 (committee substitute) — source
4. House Amendment 002 (committee substitute) — source
5. Enrolled (enrolled) — source

Votes

• Third Reading — 104–0 (pass) · lower
• Third Reading — 53–0 (pass) · upper

Sponsors

• Antonio Muñoz — primary (person)
• Jay Hoffman — primary (person)
• David Koehler — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2022-01-11 Filed with the Clerk by Rep. Jay Hoffman filing
• 2022-01-21 First Reading reading-1
• 2022-01-21 Referred to Rules Committee referral-committee
• 2022-02-09 Assigned to Financial Institutions Committee referral-committee
• 2022-02-15 Do Pass / Short Debate Financial Institutions Committee; 009-000-000 committee-passage
• 2022-02-16 Placed on Calendar 2nd Reading - Short Debate
• 2022-02-22 House Floor Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman amendment-introduction
• 2022-02-22 House Floor Amendment No. 1 Referred to Rules Committee referral-committee
• 2022-02-23 House Floor Amendment No. 1 Rules Refers to Financial Institutions Committee
• 2022-03-01 House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman amendment-introduction
• 2022-03-01 House Floor Amendment No. 2 Referred to Rules Committee referral-committee
• 2022-03-02 House Floor Amendment No. 2 Rules Refers to Financial Institutions Committee
• 2022-03-02 Second Reading - Short Debate reading-2
• 2022-03-02 Held on Calendar Order of Second Reading - Short Debate reading-2
• 2022-03-03 House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions Committee; 009-000-000 committee-passage-favorable
• 2022-03-04 House Floor Amendment No. 2 Adopted amendment-passage
• 2022-03-04 Placed on Calendar Order of 3rd Reading - Short Debate
• 2022-03-04 House Floor Amendment No. 1 Tabled Pursuant to Rule 40 amendment-failure
• 2022-03-04 Third Reading - Short Debate - Passed 104-000-000 passage, reading-3
• 2022-03-07 Arrive in Senate introduction
• 2022-03-07 Placed on Calendar Order of First Reading reading-1
• 2022-03-07 Chief Senate Sponsor Sen. Antonio Muñoz
• 2022-03-07 First Reading reading-1
• 2022-03-07 Referred to Assignments referral-committee
• 2022-03-15 Added as Alternate Co-Sponsor Sen. David Koehler
• 2022-03-16 Assigned to Financial Institutions referral-committee
• 2022-03-23 Do Pass Financial Institutions; 008-000-000 committee-passage
• 2022-03-23 Placed on Calendar Order of 2nd Reading
• 2022-03-29 Second Reading reading-2
• 2022-03-29 Placed on Calendar Order of 3rd Reading March 30, 2022
• 2022-03-31 Third Reading - Passed; 053-000-000 passage, reading-3
• 2022-03-31 Passed Both Houses
• 2022-04-28 Sent to the Governor executive-receipt
• 2022-05-13 Governor Approved executive-signature
• 2022-05-13 Effective Date May 13, 2022; - Some Provisions Effective January 1, 2023
• 2022-05-13 Public Act . . . . . . . . . 102-0774 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/43621931-0bc7-4e75-a3f2-ce73c590f2b8. Confidence: reported (aggregated from official Illinois legislature records).