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House of Representatives
Session of 2013 - 2014 Regular Session


Posted: December 17, 2013 05:18 PM
From: Representative Lynda Schlegel Culver
To: All House members
Subject: Amendments to the Credit Union Code
In the near future, I plan to introduce legislation to modernize and update the Credit Union Code, which was last amended over 10 years ago. These proposed amendments have the support of the Department of Banking and Securities and the Pennsylvania Credit Union Association.

In addition to making technical amendments, such as changing the name of the "Department of Banking" to the "Department of Banking and Securities", my legislation will:

. Add a definition of the term "officer" to clarify which credit union positions are included within that term;
. Require a credit union to keep a copy of their original articles of incorporation and any amendments;
. Update and revise procedures for both board-initiated and member-initiated bylaw amendments;
. Clarify provisions related to fees which may be imposed by a credit union for collection of funds owed to the credit
. Limit interest rates on loans by credit unions to those which are authorized for Federal credit unions by the Federal Credit Union Act and the regulations of the National Credit Union Administration;
. Revise provisions on making loans to, among other things, prohibit loans to certain credit union officers or committee members on terms, rates or conditions more favorable than those granted to any other credit union member;
. Decrease from six years to five years the time allotted before an inactive account may be transferred to a special account;
. Update notice provisions to permit notice to be provided by fax, e-mail or other electronic communication; and
. Revise provisions on expulsion and termination of membership; as well as permit suspension of membership (these revisions are based on language from the American Association of Credit Union Leagues Model Credit Union Act).

Please join me in cosponsoring this legislation.

Introduced as HB2009