SB 16-126 Summary

• Changes state bank board of directors meeting requirement from at least once each calendar month to at least once each calendar quarter.

• Allows the banking board to direct that meetings be held more frequently than quarterly or less frequently in cases of disaster or emergency.

• Maintains that a majority of the board constitutes a quorum and requires minutes be kept of each meeting with attendance records.

• Preserves the automatic removal of directors who fail to attend three consecutive months of meetings, unless the absence is satisfactorily explained to the banking board or commissioner.

• Takes effect August 10, 2016, or upon approval by voters at the November 2016 general election if a referendum petition is filed.