SB 388 - This act modifies the requirements for credit union field of membership. Specifically, in a credit union composed of one or groups of persons, the members of the group must share: · A single common bond or occupation, association, or employer; or
· Multiple common bonds of occupation, association, or employer or any combination thereof; or
· A geographic area, as described in the act.
Under current law, the Director of the Division of Credit Unions is not permitted to allow a credit union to expand its geographic area. This act specifically allows authorization of geographic expansion due to relocation of its main office if the main office is located in the St. Louis metropolitan area, the Kansas City metropolitan area, or a rural district, as described in the act.
The act further expands who is eligible for membership in a credit union. Specifically, the following are eligible for membership:
· Spouses of members who die while a member of a credit union group;
· Persons related as pensioners or annuitants from the common occupation or employer;
· Persons who volunteer in the common occupation or at the common employer; and
· Employees of the credit union.
This act is substantially similar to HB 1222 (2023).
SCOTT SVAGERA