SB212 Alabama 2014 Session

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

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.