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MN SF1703

Bill

Official Source

Status

Passed

5/13/2019

Primary Sponsor

Mark Koran

Click for details

Origin

Senate

91st Legislature 2019-2020

AI Summary

  • Reduces voting requirement for federal credit union conversion to state charter from two-thirds to a majority of members present and entitled to vote
  • Changes notice requirement for conversion meetings from 14 days to at least 7 but not more than 30 days' written notice
  • Reduces voting requirement for credit union merger or consolidation from two-thirds to a majority of members who vote on the proposal
  • Extends notice requirement for merger or consolidation meetings from 14 days to at least 45 but no more than 90 calendar days
  • Both changes effective August 1, 2019

Legislative Description

Credit union conversion, merger or consolidation supermajority requirements elimination

Last Action

Secretary of State Chapter 20 05/09/2019

5/13/2019

Committee Referrals

Commerce and Consumer Protection Finance and Policy2/25/2019

Full Bill Text

No bill text available