SB375: Revises provisions relating to credit unions. (BDR 55-605)

Legislative Summary

AN ACT relating to credit unions; authorizing a credit union which is a low-income credit union to issue shares to nonmembers under certain circumstances; authorizing the Commissioner of Financial Institutions to temporarily suspend certain regulations under certain circumstances; requiring the Commissioner to approve or deny an application to open an additional office within 60 days after receipt of the application; revising requirements for the par value of shares of a credit union; revising provisions relating to certain operations of a credit union; revising requirements for the board of directors of a credit union; revising provisions relating to membership in a credit union; revising provisions relating to certain reserves, loans and investments of a credit union; and providing other matters properly relating thereto.