republic-os/legislation/us/states/il/99th/hb-5755.md

---
type: "Bill"
title: "CREDIT UNIONS-ART OF INCORP"
description: "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."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "99th"
identifier: "HB 5755"
citation: "Illinois HB 5755 (99th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 29
vote_count: 2
first_action: "2016-02-10"
last_action: "2016-07-22"
source: "openstates"
source_identifier: "ocd-bill/0add6206-6d36-44fa-8c6d-35e43f79537f"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=5755&GAID=13&DocTypeID=HB&LegId=95218&SessionID=88&GA=99"
source_hash: "9ac5b1934b5b5ea950ed8098821373a09766708f0419efad14a84a559ee4d015"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["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](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5755&GA=99&SessionId=88&DocTypeId=HB&LegID=95218&DocNum=5755&GAID=13&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5755eng&GA=99&SessionId=88&DocTypeId=HB&LegID=95218&DocNum=5755&GAID=13&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5755enr&GA=99&SessionId=88&DocTypeId=HB&LegID=95218&DocNum=5755&GAID=13&Session=&print=true)

## 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](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/0add6206-6d36-44fa-8c6d-35e43f79537f`. Confidence: reported (aggregated from official Illinois legislature records).