Senate Bill 1285 Summary

• Establishes member voting rules including a one-vote-per-member limit, prohibition on proxy voting, and allowance for mail, absentee, or electronic voting methods.

• Requires annual membership meetings to be held in the credit union's principal place of business within Idaho unless the director approves otherwise or a majority of members reside out-of-state.

• Permits special membership meetings to be called by board majority vote, supervisory committee majority vote to suspend a director, or by written petition of at least 10% or 2,000 members (whichever is less).

• Establishes board of directors structure with 5-15 directors elected by membership, minimum six regular meetings per year, and director qualifications requiring membership status and regular attendance (absent from no more than 1/4 of meetings annually).

• Creates comprehensive provisions for supervisory committee duties including annual audits, member account verification, financial condition reporting, whistleblower complaint processes, and procedures for suspending or removing board members and supervisory committee members for cause.

• Requires blanket fidelity bond coverage with minimum amounts based on asset size, ranging from $250,000 for assets under $4 million to $9 million maximum for assets over $500 million.