HB165 Alabama 2014 Session

Sponsors

Session

Regular Session 2014

Title

Credit Unions, Credit Union Administration, supervision and regulation of credit unions further provided for, fees, Secs. 5-17-3, 5-17-6, 5-17-7, 5-17-8, 5-17-11, 5-17-15, 5-17-16, 5-17-19, 5-17-22, 5-17-45, 5-17-56 am'd.; Secs. 5-17-25 to 5-17-28, inclusive, 5-17-49, 5-17-53, 5-2A-100 to 5-2A-103, inclusive, repealed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 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) Provide civil penalties for persons or entities using the term "credit union" in violation of law</p><p class="bill_description"> (2) 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"> (3) Revise annual operating fees of credit unions and authorize the administrator to annually fix the operating assessment on credit unions to fund the Credit Union Administration</p><p class="bill_description"> (4) Further provide for orders of the Credit Union Administration to take possession and control of a state credit union</p><p class="bill_description"> (5) Further provide for deposits by minors</p><p class="bill_description"> (6) Further provide for the disposition of accounts to a surviving spouse or guardian and for adverse claims for deposits</p><p class="bill_description"> (7) Specify that insurance on accounts may be by a private insurance carrier</p><p class="bill_description"> (8) Authorize the sharing of information with federal agencies</p><p class="bill_entitled_an_act"> Relating to the Credit Union Administration and the regulation of credit unions; to amend Sections 5-17-3, 5-17-6, 5-17-7, 5-17-8, 5-17-11, 5-17-15, 5-17-16, 5-17-19, 5-17-22, 5-17-45, 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 regulation of credit unions and for the operation of the Credit Union Administration. </p>

Subjects

Banks and Banking