Bill > SB1027

This bill modifies the "Credit Union Act" by changing the requirements for amending a credit union's bylaws. Specifically, it clarifies that any proposed changes to the certificate of organization or bylaws, or any decision to give or take away the credit union board's authority to make these changes, must be clearly stated in the notice sent out for the meeting where the vote will occur. Furthermore, while amendments to the certificate of organization or bylaws generally need to be submitted to and approved by the director (the head of the state agency overseeing credit unions), this bill creates an exception: amendments to the bylaws that are purely logistical in nature, meaning they only involve minor, administrative adjustments, will no longer require the director's approval to become effective.