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.
This bill would revise Chapter 17 to further provide for the regulation and operation of state credit unions by the Alabama Credit Union Administration.
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.
(2) Authorize the board of directors, rather than two-thirds of the members of a credit union, to expel a credit union member.
(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.
(4) Further provide for orders of the Credit Union Administration to take possession and control of a state credit union.
(5) Further provide for deposits by minors.
(6) Further provide for the disposition of accounts to a surviving spouse or guardian and for adverse claims for deposits.
(7) Specify that insurance on accounts may be by a private insurance carrier.
(8) Authorize the sharing of information with federal agencies.
Delivered to Governor at 3:48 p.m. on April 1, 2014.
Assigned Act No. 2014-317.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1029
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 576
Motion to Adopt adopted Roll Call 575
Financial Services Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature