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1999 SESSION
SB 1019 Credit unions; membership.
Introduced by: Charles J. Colgan | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Credit unions; membership. Revises provisions of the Virginia Credit Union Act relating to fields of membership and eligibility for membership in state credit unions, so as to attain substantial parity with the Federal Credit Union Act (as amended by HR 1151, in August, 1998). The changes permit multiple common-bond fields of membership, within limits; restrict community-based fields of membership to “well-defined, local communities, neighborhoods or rural districts”; and make persons within the “immediate family” or “household” of individuals who are eligible for credit union membership also eligible. The bill also directs the State Corporation Commission (Bureau of Financial Institutions) to consider federal agency rules and policies on these subjects, but allows the State Corporation Commission discretion in applying such rules and policies.
SUMMARY AS PASSED SENATE:
Credit unions; membership. Revises provisions of the Virginia Credit Union Act relating to fields of membership and eligibility for membership in state credit unions, so as to attain substantial parity with the Federal Credit Union Act (as amended by HR 1151, in August, 1998). The changes permit multiple common-bond fields of membership, within limits; restrict community-based fields of membership to “well-defined, local communities, neighborhoods or rural districts”; and make persons within the “immediate family” or “household” of individuals who are eligible for credit union membership also eligible. The bill also directs the State Corporation Commission (Bureau of Financial Institutions) to consider federal agency rules and policies on these subjects, but allows the State Corporation Commission discretion in applying such rules and policies.
SUMMARY AS INTRODUCED:
Credit unions; membership. Revises provisions of the Virginia Credit Union Act relating to fields of membership and eligibility for membership in state credit unions, so as to attain substantial parity with the Federal Credit Union Act (as amended by HR 1151, in August, 1998). The changes permit multiple common-bond fields of membership, within limits; restrict community-based fields of membership to “well-defined, local communities, neighborhoods or rural districts”; and make persons within the “immediate family” or “household” of individuals who are eligible for credit union membership also eligible. The bill also directs the State Corporation Commission (Bureau of Financial Institutions) to consider federal agency rules and policies on these subjects but allows the State Corporation Commission discretion in applying them. and confirms parity in making business loans to members.