Bill Summary for H 511 (2015-2016)

Summary date: 

Apr 2 2015
S.L. 2015-93

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 511 (Public) Filed Wednesday, April 1, 2015
AN ACT TO MAKE VARIOUS STATUTORY CHANGES RELATED TO CREDIT UNIONS.
Intro. by S. Ross, J. Bell, Glazier.

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Bill summary

Amends GS 47C-4-110(a) (Escrow of deposits), GS 42-50 (Deposits from the tenant), and GS 42A-15 (Trust account uses) to provide that the deposits made under these provisions must be made in a federally insured depository institution lawfully doing business in North Carolina.

Amends GS 54-109.82, which provides that the capital, deposits, undivided profits, and reserve fund of the corporation may be invested only in the ways identified in this statute. Expands the investment options to make it permissible to invest in higher education bonds that pledge the taxing power of the state for payment of the principal and interest on bonds and notes.

Amends GS 54-109.38 regarding compensation of officials such as the board of directors or committee members. Specifies that while on official business of the credit union, directors and committee members may be reimbursed for reasonable and necessary expenses incidental to the performance of the business. Provides that the reimbursement may include the payment of expenses for one guest.

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