Senate Bill No. 2101 Summary

• Creates new section 6-06-14.1 establishing credit union loan administration requirements including credit committee oversight, documented loan approvals, and segregation of duties for loan officers.

• Increases civil money penalties for financial institution violations from five hundred thousand dollars per occurrence to one hundred thousand dollars per day of violation.

• Changes bank and credit union assessments from yearly to semiannual payments due June 30th and December 31st each year.

• Increases real estate loan appraisal threshold from two hundred thousand dollars to four hundred fifty thousand dollars.

• Changes examination frequency requirement from "at least once each thirty-six months" to "every thirty-six months" and modifies related regulatory procedures for mergers, branch approvals, and temporary relocations.