Relating to regulation of credit unions; and declaring an emergency.
Catchline/Summary:
Provides that fidelity bond or letter of credit required of credit union must be in amount required in National Credit Union Administration regulations. Provides that fidelity bond or letter of credit required of credit union must be in amount required in National Credit Union Administration regulations.
Defines organization for purposes of determining credit union membership to include corporation, limited liability company, partnership or association, trust, estate or other entity.
Requires that election or appointment of credit union executive officers and other officials occur within 60 days after organizational meeting or annual meeting.
Raises limit from $25,000 to $100,000 for loans credit union may make to credit union officials without requiring approval of board of directors.
Requires credit union to establish reserve for loan losses in accordance with generally accepted accounting principles issued by Financial Accounting Standards Board.
Declares emergency, effective on passage.
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SB 438
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