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Senate Bill 244 |
Senate Author: Carona |
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Effective: 9-1-13 |
House Sponsor: Villarreal |
Senate Bill 244 is an omnibus bill that makes a number of updates to Finance Code provisions relating to the administration, operation, supervision, and regulation of credit unions. Among other provisions, the bill:
· increases from three to six the number of honorary advisory directors a credit union's board of directors may appoint
· authorizes the credit union commissioner, on request by the credit union regulatory agency of a state contiguous to Texas that experiences an emergency, to authorize one or more credit unions located in that state to open temporary offices in Texas to more promptly restore credit union services to their members
· prohibits the interest rate on a loan to a member of a credit union from exceeding 28 percent a year to the extent that federal credit unions are permitted to charge that rate
· specifies that, on the issuance of a charter by the National Credit Union Administration, a credit union organized under Texas law and converted to a credit union under U.S. law ceases to be a credit union incorporated under Texas law and is no longer subject to the supervision and regulation of the commissioner and department and requires the converted credit union to file with the commissioner a copy of the charter issued to the credit union by the National Credit Union Administration
· clarifies the supervisory and regulatory functions of the credit union commissioner and the credit union department
· authorizes the commissioner and state and federal agencies to enter into cooperative, coordinating, or information-sharing agreements that are necessary or proper to enforce applicable state or federal laws
· updates provisions relating to disclosure of information
· revises and clarifies provisions relating to the acceptance, service, and repeal of a conservatorship order and to the dissolution and liquidation of a credit union.