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Bill > HF4118
MN HF4118
MN HF4118Credit unions authorized to obtain insurance from a credit union share insurance provider, credit union share guaranty corporations regulated, and conforming changes made.
summary
Introduced
03/09/2026
03/09/2026
In Committee
04/07/2026
04/07/2026
Crossed Over
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to financial institutions; authorizing credit unions to obtain insurance from a credit union share insurance provider; regulating credit union share guaranty corporations; making conforming changes; amending Minnesota Statutes 2024, sections 11A.24, subdivision 4; 17.59, subdivision 4; 46A.01, subdivision 10; 52.001, by adding a subdivision; 52.04, subdivision 1; 52.063, subdivision 3; 52.09, subdivision 2; 52.24, subdivisions 1, 2, by adding a subdivision; 53B.28, subdivision 10; 53B.29; 53B.38; 53B.62, subdivisions 1, 2; 60A.091; 67A.231; 79A.22, subdivision 7; 80A.41; 80A.45; 82.77, subdivision 1; 118A.04, subdivision 5; 123B.14, subdivision 3; 142F.20, subdivision 2; 149A.97, subdivisions 3a, 5; 325K.01, subdivision 12; 354B.25, subdivision 2; 356.001, subdivision 3; 356.645; 356A.06, subdivisions 6, 7, 8a; 366.01, subdivision 4; 385.07; 424B.22, subdivision 9; 427.06; 524.3-715.
AI Summary
This bill amends Minnesota Statutes to allow credit unions to obtain insurance for member accounts from an "approved credit union share guaranty corporation," which is defined as a corporation that insures share accounts in compliance with specific regulations and has been approved by the commissioner. This provides an alternative to the National Credit Union Administration (NCUA) for insuring member deposits. The bill also makes conforming changes to various sections of Minnesota law to include references to these approved share guaranty corporations, impacting how financial institutions, including credit unions, can invest funds, handle deposits, and manage risk. Essentially, it expands the options for deposit insurance for credit unions and related financial entities, aiming to modernize regulations and potentially offer more flexibility.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
House rule 1.21, placed on Calendar for the Day Monday, April 13, 2026 (on 04/09/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/94/2026/0/HF/4118/ |
| BillText | https://www.revisor.mn.gov/bills/94/2026/0/HF/4118/versions/1/pdf/ |
| BillText | https://www.revisor.mn.gov/bills/94/2026/0/HF/4118/versions/0/pdf/ |
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