Credit unions.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Banking and Finance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the timeline for notifying credit union members about the suspension of key personnel, including members of the credit committee, board of directors, or officers. Currently, credit unions must provide notice within seven days of a suspension. This bill shortens that timeframe to seven business days. The bill clarifies the requirement for the supervisory committee to call a special meeting to address the suspension.
Key provisions
- Shortens the notice period for member notification of personnel suspensions to seven business days.
- Requires the supervisory committee to call a special meeting upon suspension of committee members, board members, or officers.
- Amends Section 14552 of the Financial Code to reflect the revised notice requirements.
Who is affected
- Credit unions
- Credit union members
- Supervisory committees of credit unions
- Board of directors of credit unions
- Officers of credit unions
Notable changes
- Reduces the notice period for suspension notifications from seven days to seven business days.
Bill text
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Sponsors
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1 on record
Primary sponsor
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