Senate Bill 1301 - Idaho Credit Union Act Summary

• Allows credit unions to amend articles of incorporation and bylaws with director approval, deemed approved if director does not respond within 30 days of receipt.

• Permits credit unions to invest in fixed assets (premises and equipment) up to 7.5% of total assets if net worth equals at least 7% of total assets, with director waiver authority and special rules for foreclosed properties.

• Establishes loan limits of $100,000 or 15% of net worth (whichever is greater) per borrower without director approval, with maturity limits up to 15 years (extended to 40 years for primary residential mortgages meeting federal standards).

• Restricts credit unions from acquiring or leasing premises from board members, senior management, or their family members without director waiver, requiring arm's-length transactions.

• Requires credit unions to file financial and statistical reports with the director matching those required by the National Credit Union Administration, certified by the principal operating officer.