Relating to matters under the purview of the credit union division of the department of commerce

Where it is now

1. ✓
   Done: IntroducedJanuary 17, 2023
2. ✓
   Done: SubcommitteeJanuary 17, 2023
3. ✓
   Done: House committeeJanuary 24, 2023
4. ✓
   Done: Passes the HouseMarch 6, 202386–3
5. ✓
   Done: Senate committeeMarch 6, 2024
6. ✓
   Done: Passes the SenateMarch 18, 202446–4
7. ✓
   Done: To the GovernorApril 29, 2024
8. ✓
   Done: Signed into lawMay 1, 2024

Signed into law What’s a funnel?

Amendments · 6

4 adopted · 0 failed · 1 never voted on. Newest first.

• S-5098 · filed March 26, 2024 by

  AI summary This amendment changes the rules for paying credit union directors. It prohibits directors from receiving compensation for their service but allows them to be reimbursed for reasonable expenses, and it sets specific yearly limits on how much compensation board members can receive based on the credit union's total assets. Its wording →
  Never voted on
• H-8227 · filed March 19, 2024 by

  AI summary This amendment changes the rules for paying credit union directors. It prohibits directors from receiving compensation for their service but allows them to be reimbursed for reasonable expenses. It also sets a limit on how much compensation board members can receive based on whether the credit union has more or less than one billion dollars in assets. Its wording →
  Adopted
  March 25, 2024
• H-8219 · filed March 19, 2024 by

  AI summary This amendment updates several years from 2023 to 2024 and sets specific limits on how much credit union directors can be paid, capping compensation at $16,000 per year for large credit unions and $8,000 for smaller ones. It also adds new rules regarding the legal liability of directors for certain financial violations and establishes procedures for how directors can formally dissent from board actions. Additionally, the amendment removes certain requirements regarding credit union risk ratings and replaces them with these new rules on director pay and liability. Its wording →
  Adopted
  March 25, 2024
• S-5066 · filed March 18, 2024 by Sen. Mike Bousselot (R)

  AI summary This amendment updates several years from 2023 to 2024 and removes certain sections of the bill. It sets specific limits on how much compensation a credit union director can receive based on the credit union's total assets and clarifies rules for expense reimbursements. Additionally, it adds new rules regarding the legal liability of directors for certain financial decisions, how directors can record a dissent during meetings, and a five-year limit for taking legal action regarding director liability. Its wording →
  Adopted
  March 18, 2024
• S-5055 · filed March 6, 2024 by

  AI summary This amendment updates several years mentioned in the bill from 2023 to 2024. It also changes the rules for director pay by stating that directors cannot receive compensation for their service but can be reimbursed for expenses, while allowing for specific annual compensation limits based on the credit union's total assets. Finally, it removes a section of the bill. Its wording →
  Withdrawn
  March 18, 2024
• H-1016 · filed February 7, 2023 by

  AI summary This amendment requires certain banks and credit unions to immediately notify the treasurer and return public deposits if their credit rating drops or their capital levels fall too low. It also adds rules preventing credit union directors from receiving better interest rates than other members, engaging in unfair business deals with the credit union without board approval, or accepting gifts for securing loans or investments. Finally, it changes the rules regarding what types of shares or equity interests credit unions can invest in. Its wording →
  Adopted
  March 6, 2023