| SB 0833 | Revises law relating to credit union membership |
| Sponsor: | Scott | |||
| LR Number: | S2562.01I | Fiscal Note: | 2562-01 | |
| Committee: | Corrections and General Laws | |||
| Last Action: | 02/10/98 - Referred S Corrections & General Laws Committee | Journal page: | S175 | |
| Title: | ||||
| Effective Date: | August 28, 1998 | |||
SB 833 - This act pertains to credit union membership.
Present law requires that a credit union membership must be limited to persons who have a common bond of occupation or association or to groups who reside in a well-defined neighborhood, community or rural district. This requirement would be repealed by SB 833.
Under SB 833 the Director of the Division of Credit Unions
of the Department of Economic Development shall have the
authority to approve applications: (1) to amend bylaws
pertaining to credit union memberships or (2) to organize credit
unions which include single or multiple groups.
TOM MORTON