MN HF1578

Changes federal credit union conversion to state charter from two-thirds supermajority to simple majority vote of members present and entitled to vote, effective August 1, 2019

Reduces notice period for conversion meetings from 14 days to at least 7 but not more than 30 days written notice to members

Changes credit union merger or consolidation from two-thirds supermajority to simple majority vote of members present and entitled to vote

Extends notice period for merger meetings from 14 days to at least 45 but no more than 90 calendar days written notice to members

Maintains $100 filing fee for proposed merger or consolidation plans, payable in equal parts by participating credit unions, effective August 1, 2019