Relating to procedural requirements for the merger of state credit unions

Where it is now

1. ✓
   Done: IntroducedFebruary 13, 2019
2. –
   Skipped: SubcommitteeSkipped
3. ✓
   Done: House committeeApril 4, 2019
4. ✓
   Done: Passes the HouseApril 10, 2019
5. –
   Skipped: Senate committeeSkipped
6. ✓
   Done: Passes the SenateMarch 19, 201949–0
7. ✓
   Done: To the GovernorApril 22, 2019
8. ✓
   Done: Signed into lawApril 23, 2019

SF 506 became law → The same legislation passed as SF 506, so this version was set aside. Go to SF 506 What’s a funnel?

What’s in it

Current law provides that a state credit union may merge with another credit union if the merger is pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in the merger and the merger is approved by a majority vote of the members of the merging credit union. A merging credit union must provide notice of balloting for the vote to the members of the merging credit union entitled to vote on the merger at least days prior to the scheduled vote. This bill provides that prior to the sending of notice of balloting for the membership vote on a merger, a merging credit union shall submit to the superintendent of credit unions all materials included in the notice at least days before the notice is sent to the members.

Full bill text · What changed before it passed¹

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