HB4770Introduced in the House
CREDIT UNIONS-VARIOUS
Introduced by Jay Hoffman, District 113
What does this bill do?
Plain-English breakdown
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Official description
Reinserts the provisions of the introduced bill with the following changes. Makes changes to senior management official and executive officer provisions. In provisions concerning the delegation of duties by the board of directors, provides that the board of directors may delegate to the chief management official the hiring of employees other than the chief management official, including, without limitation, vice presidents and other officers (instead of just the hiring of employees other than the chief management official), and fixing their title, grade, and compensation (instead of just their compensation). Removes provisions concerning a credit union's authority to engage in digital asset business activity and perform custodial services. Provides that, when marketing or advertising digital assets, digital asset business activities conducted by covered persons or service providers (instead of digital asset business activities), and related administrative functions to the members of the credit union, the members shall receive the specified information. Makes changes to compliance requirements in provisions concerning the investment of credit union funds in commercial mortgage related securities and collateralized mortgage obligations. Effective immediately.
Where it stands
Public Act . . . . . . . . . 104-0505
June 26, 2026
How did lawmakers vote?
House votes
3 recorded votes · each counted separately
Senate votes
1 recorded vote · each counted separately
SenateStage: Senate Third Reading · May 14, 2026
58
Yes
0
No
1
Absent or Not Voting
59 senators recorded in this Senate vote. Colors show vote categories only, not whether a vote was good or bad.
See how each senator voted
| Senator | District | Vote |
|---|---|---|
| Javier Cervantes | 1 | Yes |
| Omar Aquino | 2 | Yes |
| Mattie Hunter | 3 | Yes |
| Kimberly Lightford | 4 | Yes |
| Lakesia Collins | 5 | Yes |
| Sara Feigenholtz | 6 | Yes |
| Mike Simmons | 7 | Yes |
| Ram Villivalam | 8 | Yes |
| Laura Fine | 9 | Yes |
| Robert Martwick | 10 | Yes |
Bill history
Filed with the Clerk by Rep. Jay Hoffman
First Reading
Referred to Rules Committee
Assigned to Financial Institutions and Licensing Committee
House Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
House Committee Amendment No. 1 Referred to Rules Committee
House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000
Placed on Calendar 2nd Reading - Short Debate
House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
House Floor Amendment No. 2 Referred to Rules Committee
House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate
House Floor Amendment No. 2 Adopted
Placed on Calendar Order of 3rd Reading - Short Debate
Third Reading - Short Debate - Passed 109-000-000
Arrive in Senate
Placed on Calendar Order of First Reading April 16, 2026
Chief Senate Sponsor Sen. David Koehler
First Reading
Referred to Assignments
Approved for Consideration Assignments
Placed on Calendar Order of 2nd Reading April 29, 2026
Second Reading
Placed on Calendar Order of 3rd Reading May 5, 2026
Third Reading - Passed; 058-000-000
Passed Both Houses
Sent to the Governor
Governor Approved
Effective Date June 26, 2026
Public Act . . . . . . . . . 104-0505
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