Bill > S581

This bill modernizes the Credit Union Laws in several key ways: It updates terminology by replacing "federal credit unions" with "federally-chartered credit unions" and defining "low-income credit union" based on federal regulations. The bill also removes outdated definitions, updates numerical references, and expands the types of entities that can join as members. The bill streamlines administrative procedures, such as allowing electronic notification of incorporators and giving the Commissioner discretion to extend the time for obtaining a certificate of incorporation. It also clarifies voting procedures, board composition, and committee structures. Substantively, the bill expands credit union investment authorities, allows credit unions to consolidate with federal credit unions, and facilitates the establishment of a Credit Union Employees Retirement Association. It also creates certain fee waivers and service requirements for accounts held by minors and seniors. Overall, the bill aims to modernize credit union operations, governance, and services to better serve members in the current financial landscape.

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https://malegislature.gov/Bills/191/S581