ID S1295

Amends Section 26-2104 to add definition of "Unsafe or unsound practice" and clarify terms relating to credit union operations.

Revises Section 26-2106 to require amendments to articles of incorporation and bylaws be submitted to the director for approval before board vote, with 30-day deemed approval if director does not deny.

Replaces Section 26-2108 to enumerate 28 specific corporate powers of credit unions, including authority to make loans, borrow funds up to 50% of members' shares and deposits, establish electronic service facilities, and sell or purchase assets of other credit unions.

Amends Section 26-2109 to establish limitations on real property investments (7% of net worth, 7.5% of total assets) and requires credit unions to occupy acquired premises within 6 years or dispose of abandoned property within 5 years, with provisions for director waivers.

Creates new Section 26-2143 requiring 30-day written notice to director before opening branch offices, and prior written approval required if credit union is under order, has low ratings, or proposes location outside membership field of membership; becomes effective July 1, 2022.