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MN SF2843

Bill

Status

Introduced

3/1/2018

Primary Sponsor

David Senjem

Click for details

Origin

Senate

90th Legislature 2017-2018

AI Summary

  • Amends procedures for proposing and voting on bylaw amendments, requiring that when three percent or more of members propose a resolution, it must be submitted to all members for a vote with at least 30 days' notice if mail or electronic balloting is authorized.

  • Requires credit unions to post proposed bylaw amendments in their office for member review 30 days prior to voting and allow members to request written copies of amendments at least 10 days before the vote.

  • Amends the definition of "cause" for member expulsion to include loss to the credit union, violations of membership agreements, fraud, attempted fraud, other illegal behavior, or inappropriate behavior such as physical or verbal abuse of members or staff.

  • Changes notice requirement for member expulsion and nonparticipation policies from "mailed" to "delivered" and requires new members be notified of these procedures before or upon applying for membership.

  • Adds strikethrough text clarifying that the nonparticipation policy basis is limited to failure to maintain shares or pay fees, or causing monetary loss, removing ambiguous language about alternative grounds.

Legislative Description

Credit unions membership, governance, and powers and duties modification

Last Action

Rule 45; subst. General Orders HF3224

4/19/2018

Committee Referrals

Commerce and Consumer Protection Finance and Policy3/1/2018

Full Bill Text

No bill text available