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CT SB00393

Bill

Official Source

Status

Introduced

3/1/2018

Primary Sponsor

Banking Committee

Click for details

Origin

Senate

2018 General Assembly

AI Summary

  • Increases the limit on real estate investments for Connecticut credit unions from 5% to 20% of total assets without commissioner approval
  • Allows credit unions to invest in real estate for "present or future use, in whole or in part" (expands from current "present or future use" language)
  • Specifies investments must be in Connecticut credit unions or out-of-state credit unions with NCUA insurance coverage
  • Effective date of October 1, 2018
  • Amends section 36a-459a(c) of the Connecticut general statutes

Legislative Description

An Act Expanding The Investment Authority Of Connecticut Credit Unions.

Last Action

Public Hearing 03/06

3/2/2018

Committee Referrals

Banking3/1/2018

Full Bill Text

No bill text available