HB209:

Credit unions; activity authorized for a federally chartered credit union.

Bill Summary:

Credit unions; activity authorized for a federally chartered credit union. Provides that a credit union has the power to engage in any activity, service, or other practice that is authorized for a federally chartered credit union and that has not otherwise been authorized for a state-chartered credit union, provided that (i) the credit union provides the State Corporation Commission with written notice at least 45 calendar days prior to engaging in any such activity, service, or practice and (ii) the credit union engages in the activity, service, or practice subject to the same terms, conditions, and limitations as applicable to a federally chartered credit union. Additionally, the bill authorizes the Commissioner of the State Corporation Commission to prohibit or restrict the activity, service, or practice at any time. This bill is identical to SB 329.

Bill Patron: Webert

Last Action(s):
(House) Enrolled Bill communicated to Governor on March 11, 2022 March 11, 2022
(Senate) Signed by President February 28, 2022
(Governor) Acts of Assembly Chapter text (CHAP0606)

Bill Status:
Passed House
Passed Senate

Approved