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NC H144
Bill
Status
6/2/2017
Primary Sponsor
John Szoka
Click for details
AI Summary
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Replace references to "bank, savings and loan, or trust company" with "federally insured depository institution or trust institution" across 12 General Statutes sections to modernize financial institution terminology and include credit unions.
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Decrease examination frequency for credit unions from annual to every 18 months, or more often if deemed necessary by the Administrator of Credit Unions.
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Update provisions in G.S. 54-109.11 and 54-109.16 to clarify credit unions are formed under Article 14A of Chapter 54.
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Correct citation in G.S. 36C-8-816(31) from "G.S. 28A-22-110" to "G.S. 28A-22-10" regarding distribution of inoperative trust assets.
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Effective upon enactment; ratified May 24, 2017.
Legislative Description
Credit Union/Trust Institution Changes
Last Action
Ch. SL 2017-25
6/2/2017