Bill Summary for S 489 (2021-2022)

Summary date: 

Apr 1 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 489 (Public) Filed Thursday, April 1, 2021
AN ACT TO MODERNIZE THE LAWS APPLICABLE TO CREDIT UNIONS BY MODIFYING FEES PAID BY A NEW CREDIT UNION AND THE LATE PENALTY FOR A CREDIT UNION'S FAILURE TO MAKE A REPORT OF CONDITION.
Intro. by Johnson, Sawyer, Woodard.

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Bill summary

Identical to H 439, filed 3/29/21.

Amends GS 54-109.14 to establish a $250 charter fee and a $2,500 investigation fee for new credit unions established. Makes clarifying and technical changes to the statute.

Changes the penalties for delayed reporting by credit unions under GS 54-109.15. More specifically calls for late penalties to be paid when credit unions fail to make timely semiannual reports or other reports required by the Administrator (rather than failure to make the reports in general). Now directs the Administrator of Credit Unions to annually determine a schedule for the late penalty to be assessed during the next calendar year on or before December 1, with per-day penalties beginning at no less that $75 and not exceeding $750 (was fixed at $75 per-day). 

Effective October 1, 2021. 

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