SB212 Alabama 2014 Session
In Committee
Bill Summary
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5-17-45, 5-17-56 am'd.; Secs. 5-17-25 to 5-17-28, inclusive, 5-17-49, 5-17-53, 5-2A-100 to 5-2A-103, inclusive, repealed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
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 1, 2014 | S | Indefinitely Postponed |
| March 20, 2014 | S | Bedford motion to Carry Over adopted Voice Vote |
| March 20, 2014 | S | Third Reading Carried Over |
| March 6, 2014 | S | Blackwell motion to Carry Over to the Call of the Chair adopted Voice Vote |
| March 6, 2014 | S | Blackwell motion to Adopt adopted Roll Call 748 |
| March 6, 2014 | S | Banking and Insurance Amendment Offered |
| March 6, 2014 | S | Third Reading Carried Over to Call of the Chair |
| January 22, 2014 | S | Reported from Banking and Insurance as Favorable with 1 amendment |
| January 16, 2014 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB212 Alabama 2014 Session - Introduced |