Senate Bill 1301 Summary

• Revises definitions in Idaho Credit Union Act, including adding "net worth," "financial institution," and "immediate family member" definitions while reorganizing existing term definitions.

• Repeals Section 26-2112 regarding credit union fiscal year and removes references to it from corporate credit union provisions in Section 26-2185.

• Amends credit union powers to allow establishment and operation of electronic service facilities and adds authority for credit unions to add members from underserved geographic areas designated by the director.

• Repeals five sections (26-2146 through 26-2150) relating to credit union service corporations, joint stock holding, discrimination prohibitions, prohibited activities, and customer communication terminals.

• Becomes effective July 1, 2024, with emergency declaration.