Changes amount of credit union assets that require credit union to obtain fidelity bond or irrevocable letter of credit from financial institution and amount of fidelity bond or irrevocable letter of credit required. Changes amount of credit union assets that require credit union to obtain fidelity bond or irrevocable letter of credit from financial institution and amount of fidelity bond or irrevocable letter of credit required.
Provides that state credit union has powers and authorities of federal credit union, subject to certain findings of Director of Department of Consumer and Business Services. Requires credit union to notify director at least 45 days before exercising power.
Removes power of board of directors of credit union to exercise certain functions.
Increases aggregate limit on amount of loan that credit union may make to credit union member.
Specifies limitations on liability of credit union director or officer under particular circumstances.
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SB 520
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