HB335 Summary

• Amends Section 5-17-55 of the Alabama Code to replace the "Alabama State Credit Union Legislative Forum" with the "League of Southeastern Credit Unions and Affiliates" as the entity providing nominee lists for Credit Union Board appointments.

• The League of Southeastern Credit Unions and Affiliates must submit at least three nominees for any vacancy in the four Governor-appointed positions that require League nomination.

• If the Governor rejects the initial three nominees, the League must submit an alternative list of three nominees from which the Governor shall make the appointment.

• Board members must be officers, directors, or managers of a state-chartered credit union with at least five years of experience in the 10 years preceding appointment.

• The act becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.