SB135 Summary

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

• Exempts examiners and the Alabama Credit Union Administration from compliance with Sections 36-7-20 and 36-7-22 of the Code of Alabama 1975 regarding travel expense procedures.

• Specifies that collected taxes, fees, assessments, and penalties may only be used for operating expenses of the Alabama Credit Union Administration.

• Transfers all jurisdiction, authority, powers, and duties related to credit union regulation from the Superintendent of Banks to the Alabama Credit Union Administration.

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