HB 249 Summary

• Amends Section 5-17-7 of the Code of Alabama 1975 to allow the Administrator of the Alabama Credit Union Administration to set and pay examiner travel expenses according to internal policies.

• Exempts the Alabama Credit Union Administration and its examiners from compliance with Sections 36-7-20 and 36-7-22 of the Code of Alabama (state travel expense regulations).

• Requires all taxes, fees, assessments, penalties, and revenues collected by the Alabama Credit Union Administration to be used solely for operating expenses of the Administration.

• Transfers all assets, funds, jurisdiction, authority, and employees of the former Bureau of Credit Unions to the newly established Alabama Credit Union Administration.

• Takes effect on the first day of the third month following passage and approval by the Governor.