Bill > SB1348

This bill modifies several provisions related to credit unions in Missouri, focusing on membership requirements, organizational structure, and board operations. The bill changes the par value of membership shares to a minimum of one dollar (previously between twenty-five and one hundred dollars), and clarifies membership eligibility rules. Credit unions must now be composed of groups with a common occupation, association, employer, or geographic area, with restrictions on how these groups can be added or expanded. The bill introduces a more detailed process for credit unions to add new membership groups, including a mandatory public comment period and specific criteria for approval by the director of the division of credit unions. The board of directors' responsibilities are expanded, including the ability to participate in meetings via electronic or virtual means, with provisions to ensure the legal validity of such meetings. The bill also provides more explicit guidelines for mergers between credit unions, including assessment of service areas and membership compatibility. Overall, the legislation aims to provide more flexibility for credit unions while maintaining regulatory oversight of their membership and operational practices.

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=225