CA SB1031

Prohibits members of audit committees from receiving compensation for their service, while allowing reimbursement for actual expenses incurred in performing committee duties.

Authorizes credit union boards to expel members for abusive, threatening, or harassing behavior toward staff, volunteers, or members, or abuse of credit union systems or property, with immediate effect and without advance notice if deemed necessary for protection.

Requires expelled members to receive written notice within 5 business days and establishes appeal rights to the board of directors under reasonable procedures that include notice of the expulsion and the right to appeal.

Authorizes credit unions to issue shares to member or nonmember state or federal credit unions and allows inactive members to be deemed to have voluntarily withdrawn after 90 days of written notice.

Repeals provisions authorizing credit unions to purchase promissory notes with members as primary obligors and removes an authorization for reimbursement of travel expenses for one guest per director or committee member.