SCS/HS/HCS/HB 1323 - This act creates the Credit Union Commission in the Division of Credit Unions. The Commission shall consist of seven members appointed by the Governor with the advice and consent of the Senate. All members of the Commission shall be residents of Missouri and one member shall be a member in good standing of the Missouri Bar. Not more than four members of the Commission shall be members of the same political party. Members shall be appointed for six year terms.

The Credit Union Commission will hear appeals from orders or decisions by the Director of the Credit Unions pertaining to the chartering, relocation, branching or membership of credit unions.

Each state chartered credit union shall be subject to limitations on groups of members which are no less restrictive than those applicable to federally chartered credit unions under federal laws and regulations.

A credit union may apply and receive approval from the Director of the Division of Credit Unions to include proposed new groups or geographic areas in the credit union's membership.

When a new credit union files an application, the credit union organizers shall specify the membership group selected as set out in subsection 2 of Section 370.080 of this act.

If an existing credit union applies for a field of membership expansion, the credit union shall select either a community group or another group as set out in subsection 2 of Section 370.080 of this act and this selection shall be binding for all future expansions.

When a credit union application to include a new group or new geographic area in the credit union's membership, the Director shall have notice of the application published in the Missouri Register.

Following the comment period as set out in this act, the Director shall, within ten days, issue a decision either granting or rejecting the credit union's application. The reasons for the decision shall be stated.

Within fifteen days after the decision is published in the Missouri Register, any person or entity which claims to have been adversely affected shall have the right to appeal the decision to the Credit Union Commission. Any party which is aggrieved by a final decision of the Commission may appeal the decision to the Cole County Circuit Court.

All credit unions shall have the right to continue to include in their field of membership all persons, groups and geographic areas which were included or for which application was made as of April 1, 1998.
TOM MORTON

SA 1 - Adds Rules language.