SB27 Summary

• Extends the required examination frequency for Alabama credit unions from every 12 months to every 18 months by employees of the Alabama Credit Union Administration.

• Maintains authority for the Alabama Credit Union Administration to conduct additional examinations or designate other persons to perform examinations as needed.

• Amends Section 5-17-8 of the Code of Alabama 1975, as previously amended by Act 2016-133.

• Becomes effective on the first day of the third month following passage and approval by the Governor.