Credit unions; activity authorized for a federally chartered credit union. (HB209)

Introduced By

Del. Michael Webert (R-Marshall) with support from co-patrons Del. Dawn Adams (D-Richmond), Del. Lamont Bagby (D-Richmond), Del. Delores McQuinn (D-Richmond), and Del. Rodney Willett (D-Henrico)

Description

Credit unions; activity authorized for a federally chartered credit union. Provides that a credit union has the power to engage in any activity, service, or other practice that is authorized for a federally chartered credit union and that has not otherwise been authorized for a state-chartered credit union, provided that (i) the credit union provides the State Corporation Commission with written notice at least 45 calendar days prior to engaging in any such activity, service, or practice and (ii) the credit union engages in the activity, service, or practice subject to the same terms, conditions, and limitations as applicable to a federally chartered credit union. Additionally, the bill authorizes the Commissioner of the State Corporation Commission to prohibit or restrict the activity, service, or practice at any time. This bill is identical to SB 329. Read the Bill »

Outcome

History