republic-os/legislation/us/states/il/99th/hb-5755.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	CREDIT UNIONS-ART OF INCORP	Amends the Illinois Credit Union Act. Provides that amendments to the articles of incorporation of a credit union may be made with the approval of a majority (rather than two-thirds) of the members or at least two-thirds of the directors. Requires that a report of any amendments to the articles of incorporation adopted by the board of directors be made to the members at the next annual meeting. Removes a credit manager as a vacancy that can be filled by the board of directors through appointment. Provides that the credit committee, board of directors, or chief management official (rather than just the credit committee) may appoint a credit manager. Provides that if no credit committee has been appointed, the board of directors or chief management official (rather than just the board of directors) shall appoint a credit manager. Provides that a prepayment penalty does not include a waived, bona fide third-party charge that the credit union imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation of a closed-end credit transaction, a waived, bona fide third-party charge that the credit union imposes if the consumer terminates an open-end credit plan sooner than 36 months after account opening, or a yield maintenance fee imposed on a business transaction. Allows 2 or more credit unions that are merging to elect to request a network credit union designation for the surviving credit union. Sets forth provisions for network credit unions. Effective immediately.	us/states/il	Illinois General Assembly	99th	HB 5755	Illinois HB 5755 (99th)	bill		enacted		3	29	2	2016-02-10	2016-07-22	openstates	ocd-bill/0add6206-6d36-44fa-8c6d-35e43f79537f	http://ilga.gov/legislation/BillStatus.asp?DocNum=5755&GAID=13&DocTypeID=HB&LegId=95218&SessionID=88&GA=99	9ac5b1934b5b5ea950ed8098821373a09766708f0419efad14a84a559ee4d015	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-il

Illinois HB 5755 (99th) — CREDIT UNIONS-ART OF INCORP

Amends the Illinois Credit Union Act. Provides that amendments to the articles of incorporation of a credit union may be made with the approval of a majority (rather than two-thirds) of the members or at least two-thirds of the directors. Requires that a report of any amendments to the articles of incorporation adopted by the board of directors be made to the members at the next annual meeting. Removes a credit manager as a vacancy that can be filled by the board of directors through appointment. Provides that the credit committee, board of directors, or chief management official (rather than just the credit committee) may appoint a credit manager. Provides that if no credit committee has been appointed, the board of directors or chief management official (rather than just the board of directors) shall appoint a credit manager. Provides that a prepayment penalty does not include a waived, bona fide third-party charge that the credit union imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation of a closed-end credit transaction, a waived, bona fide third-party charge that the credit union imposes if the consumer terminates an open-end credit plan sooner than 36 months after account opening, or a yield maintenance fee imposed on a business transaction. Allows 2 or more credit unions that are merging to elect to request a network credit union designation for the surviving credit union. Sets forth provisions for network credit unions. Effective immediately.

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. Enrolled (enrolled) — source

Votes

• Third Reading — 115–0 (pass) · lower
• Third Reading — 57–0 (pass) · upper

Sponsors

• Lou Lang — primary (person)

Timeline

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

• 2016-02-10 Filed with the Clerk by Rep. Lou Lang filing
• 2016-02-11 First Reading reading-1
• 2016-02-11 Referred to Rules Committee referral-committee
• 2016-03-23 Assigned to Financial Institutions Committee referral-committee
• 2016-03-24 House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang amendment-introduction
• 2016-03-24 House Committee Amendment No. 1 Referred to Rules Committee referral-committee
• 2016-04-04 House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
• 2016-04-04 House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote amendment-passage
• 2016-04-04 Do Pass as Amended / Short Debate Financial Institutions Committee; 015-000-000 committee-passage
• 2016-04-05 Placed on Calendar 2nd Reading - Short Debate
• 2016-04-06 Second Reading - Short Debate reading-2
• 2016-04-06 Placed on Calendar Order of 3rd Reading - Short Debate
• 2016-04-07 Third Reading - Short Debate - Passed 115-000-000 reading-3, passage
• 2016-04-07 Arrive in Senate introduction
• 2016-04-07 Placed on Calendar Order of First Reading April 12, 2016 reading-1
• 2016-04-07 Chief Senate Sponsor Sen. David Koehler
• 2016-04-12 First Reading reading-1
• 2016-04-12 Referred to Assignments referral-committee
• 2016-04-27 Assigned to Financial Institutions referral-committee
• 2016-05-05 Do Pass Financial Institutions; 006-000-000 committee-passage
• 2016-05-05 Placed on Calendar Order of 2nd Reading May 10, 2016
• 2016-05-10 Second Reading reading-2
• 2016-05-10 Placed on Calendar Order of 3rd Reading May 11, 2016
• 2016-05-25 Third Reading - Passed; 057-000-000 reading-3, passage
• 2016-05-25 Passed Both Houses
• 2016-06-23 Sent to the Governor executive-receipt
• 2016-07-22 Governor Approved executive-signature
• 2016-07-22 Effective Date July 22, 2016
• 2016-07-22 Public Act . . . . . . . . . 99-0614 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/0add6206-6d36-44fa-8c6d-35e43f79537f. Confidence: reported (aggregated from official Illinois legislature records).