SS SCS SB 591 -- CREDIT UNIONS

This bill changes the laws regarding credit unions.  In its main
provisions, the bill:

(1)  Specifies the geographic area in which a credit union can
operate.  Credit unions can be formed in a county or within a
city not within a county and can expand into counties contiguous
to the area;

(2)  Prohibits employer groups with 3,000 or more employees from
joining an existing credit union unless it is not feasible or
reasonable for the group to establish its own single, common-bond
credit union;

(3)  Requires the Director of the Division of Credit Unions
within the Department of Insurance, Financial Institutions, and
Professional Registration, within five business days after the
expansion of a credit union's membership, to publish the
expansion in the division's electronic bulletin instead of the
Missouri Register; and

(4)  Allows only a person or entity with an interest different
from that of a member of the general public who may have been
aggrieved by an authorized expansion to contest the decision to
the Credit Union Commission.  Currently, any person claiming to
be adversely affected may challenge an expansion authorization.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:22 am