SB 329

Abstract

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 HB 209.

Credit unions; activity authorized for a federallychartered credit union. Provides that a credit union has thepower to engage in any activity, service, or other practice that isauthorized for a federally chartered credit union and that has nototherwise been authorized for a state-chartered credit union, providedthat the credit union provides the State Corporation Commission withwritten notice at least 45 calendar days prior to engaging in anysuch activity, service, or practice.