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House Bill 2735 |
House Author: Flynn |
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Effective: 9-1-09 |
Senate Sponsor: Estes |
House Bill 2735 amends the Finance Code to continue the Credit Union Department and the Credit Union Commission until September 1, 2021, and to add or amend various across-the-board sunset provisions.
House Bill 2735 requires the commission to adopt, and the commissioner to enforce, reasonable rules requiring a regulated credit union to provide an annual report to the credit union's members regarding the credit union's financial condition and management and specifies the information to be included in the report. In adopting such rules, the commission must ensure that a credit union updates the report before the credit union's annual organizational meeting, makes the report available to members throughout the year on the credit union's website if the credit union maintains a website, and provides the report to credit union members by an alternative method if the credit union does not have a website.
House Bill 2735 requires the commission to adopt rules regarding the purpose, structure, and use of advisory committees by the commission and requires an advisory committee to be structured and used in an advisory capacity with no rulemaking or policymaking responsibilities. The bill requires the commission by rule to establish a process by which the commission periodically evaluates an advisory committee to ensure its continued necessity and authorizes the commission to retain or develop committees as appropriate to meet changing needs. An advisory committee must comply with the open meetings law.
House Bill 2735 requires a regulated credit union to give notice to the credit union's members of the availability on a member's request of documents related to the credit union's finances and management. The notice must be given via the credit union's website if the credit union maintains a website and in a newsletter twice a year if the credit union distributes a newsletter. The bill requires the commission to adopt reasonable rules to implement these provisions, including rules prescribing an alternative method for credit unions that do not maintain an Internet website or distribute a newsletter to provide their members with the required notice of the documents' availability.
House Bill 2735 authorizes the commissioner, if it appears to the commissioner that a person who is not authorized to engage in the credit union business is violating a rule or statute relating to the regulation of credit unions, to issue without notice and hearing an order to cease and desist from continuing a particular action to enforce compliance with the applicable state statute or rule. The bill requires the commissioner, if a person against whom an order is made requests a hearing, to set and give notice of a hearing before the commissioner or a hearings officer and establishes that an order becomes final unless the person to whom the order is issued requests a hearing not later than the 30th day after the date the order is issued.