Bill Summary for H 410 (2023-2024)

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Summary date: 

Apr 20 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 410 (Public) Filed Thursday, March 16, 2023
Intro. by Howard, Bell.

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Bill summary

House committee substitute to the 1st edition makes the following changes.

Amends GS 54-109.1 (definitions pertaining to the regulation of credit unions) to define Administrator (Administrator of Credit Unions), Division (Credit Union Division), and Commission (Credit Union Commission). Sets forth credit union as its own defined term.  Makes conforming changes throughout the act to account for newly defined Commission.  Amends GS 54-109.16 (pertaining to examinations and payment of cost) to delete provisions authorizing an independent audit, the examination of a peer state regulatory agency, or the examination of a deposit insurer, in lieu of an exam by the Division. Deletes ground of being found to be dishonest from reasons for removal of an officer of a credit union and makes organizational and clarifying changes to GS 54-109.19 (removal of officers). Amends GS 54-109.21(7) (powers of a credit union) to change the scope of whom a credit union may lend its funds to beyond its members, to now only include other credit unions, and any cities as defined in GS 160A-1 (was also, credit union service organizations, and any State or tribal government or political subdivision thereof).  Narrows the fourth membership prong of the definition of credit union membership as set forth in GS 54-109.26 to only include members of the immediate family of the groups described in prongs 1-3 (was, just family members of these groups and family members of any member in good standing).

Amends GS 54-109.28 (pertaining to other credit unions) by deleting the provision permitting any credit union organized under Articles 14A to 14L of GS Chapter 45 to permit membership of (1) women-owned or minority-owned businesses; and (2) underserved areas, as defined by the Federal Credit Union Act. Adds provision allowing membership of persons residing in census tracts in the State where the center of population as defined by the US Census Bureau is more than 8 miles from a bank branch (defined under State law).

Makes technical and organizational changes.