Illinois HB4770 amends the Illinois Credit Union Act to update investment limits, digital asset services, and debt cancellation services for credit.
HB4770 modifies the Illinois Credit Union Act by adjusting investment limits for credit unions, allowing them to invest in financial technology companies under certain conditions. It also permits credit unions to offer digital asset services, requiring them to disclose specific information to members about the risks involved. Additionally, the bill enables credit unions to sell debt cancellation services to members for motor vehicle loans, provided the terms are set forth in a written agreement.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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