NC S113

Expands definition of authorized depository institutions throughout North Carolina General Statutes to include "federally insured depository institutions" and "trust institutions" in place of references to specific bank types, affecting accounts used for interpleader funds, rental security deposits, escrow accounts, and bond alternatives.

Decreases examination frequency for credit unions from annually to once every 18 months, with examiners still able to conduct additional examinations when deemed necessary by the Administrator.

Updates terminology throughout statutes to standardize language referencing credit unions formed under Article 14A of Chapter 54 and removes outdated phrasing regarding examiner authority.

Corrects a citation in G.S. 36C-8-816(31) from G.S. 28A-22-110 to G.S. 28A-22-10 regarding distribution of assets from inoperative trusts.

Applies effective date of when bill becomes law to all provisions.