SB371 Alabama 2013 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2013
Title
Credit Unions, state, regulation by Alabama Credit Union Administration, Secs. 5-17-1 to 5-17-12, inclusive, 5-17-14 to 5-17-16, inclusive, 5-17-19, 5-17-22, 5-17-40, 5-17-41, 5-17-44, 5-17-45, 5-17-46, 5-17-48, 5-17-50 to 5-17-52, inclusive, 5-17-55, 5-17-56 am'd.; Secs. 5-17-25 to 5-17-28, inclusive, 5-17-49, 5-17-53, 5-2A-100 to 5-2A-103, inclusive, repealed
Description
<p class="bill_description"> Under existing law, state credit unions are
organized and regulated by the Alabama Credit Union
Administration in Chapter 17 of Title 5, Code of
Alabama 1975</p><p class="bill_description">
This bill would extensively revise Chapter
17 to further provide for the regulation and
operation of state credit unions by the Alabama
Credit Union Administration</p><p class="bill_description">
The bill would, among other things, do all
of the following:
(1) Further provide for the granting of
charters to state credit unions by the
Administrator of the Alabama Credit Union
Administration</p><p class="bill_description">
(2) Provide civil penalties for persons or
entities using the term "credit union" in violation
of law</p><p class="bill_description">
(3) Authorize the board of directors, rather
than two-thirds of the members of a credit union,
to expel a credit union member</p><p class="bill_description">
(4) Authorize the administrator to annually
fix the operating assessment on credit unions to
fund the Credit Union Administration</p><p class="bill_description">
(5) Further provide for orders of the Credit
Union Administration to take possession and control
of a state credit union</p><p class="bill_description">
(6) Specify that directors of a credit union
may be reimbursed for expenses and provide limited
liability for directors</p><p class="bill_description">
(7) Further provide for deposits by minors</p><p class="bill_description">
(8) Further provide for the disposition of
accounts to a surviving spouse or guardian and for
adverse claims for deposits</p><p class="bill_description">
(9) Specify that insurance on accounts may
be by a private insurance carrier</p><p class="bill_description">
(10) Further provide for consolidation or
merger of credit unions in danger of insolvency</p><p class="bill_description">
(11) Further provide for the qualifications
of the administrator</p><p class="bill_description">
(12) Authorize the sharing of information
with federal agencies</p><p class="bill_description">
(13) Further specify the appointment of an
assistant administrator under the state Merit
System</p><p class="bill_entitled_an_act"> Relating to the Credit Union Administration and the
regulation of credit unions; to amend Sections 5-17-1 to
5-17-12, inclusive, 5-17-14 to 5-17-16, inclusive, 5-17-19,
5-17-22, 5-17-40, 5-17-41, 5-17-44, 5-17-45, 5-17-46, 5-17-48,
5-17-50 to 5-17-52, inclusive, 5-17-55 and 5-17-56, Code of
Alabama 1975; and to repeal Sections 5-17-25 to 5-17-28,
inclusive, 5-17-49, 5-17-53, and 5-2A-100 to 5-2A-103,
inclusive, Code of Alabama 1975, to further provide for the
granting of charters and for the regulation of credit unions
and for the operation of the Credit Union Administration.
</p>
Subjects
Banks and Banking
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 7, 2013 | S | Pending third reading on day 23 Favorable from Banking and Insurance with 5 amendments |
| May 7, 2013 | S | Indefinitely Postponed |
| April 18, 2013 | S | Banking and Insurance first Amendment Offered |
| April 18, 2013 | S | Banking and Insurance second Amendment Offered |
| April 18, 2013 | S | Banking and Insurance third Amendment Offered |
| April 18, 2013 | S | Banking and Insurance fifth Amendment Offered |
| April 18, 2013 | S | Read for the second time and placed on the calendar 5 amendments |
| April 4, 2013 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB371 Alabama 2013 Session - Introduced |