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2013 SESSION
HB 1686 Credit unions; limit on authorized investments in certain property, retained earnings.
Introduced by: Jackson H. Miller | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Credit unions; retained earnings. Increases the maximum amount of a credit union's funds that may be invested in its real estate, office buildings, equipment, and furnishings, without the prior written authorization of the Commissioner of Financial Institutions. The measure sets the maximum amount of such investments at five percent of the total of members' share accounts and retained earnings. Currently, the cap is five percent of only such share accounts. Finally, the measure defines "retained earnings" as undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserves for losses, and other appropriations from undivided earnings as designated by management or the Bureau of Financial Institutions. This bill is identical to SB 769.
FULL TEXT
- 01/07/13 House: Prefiled and ordered printed; offered 01/09/13 13101233D pdf | impact statement
- 02/11/13 House: Bill text as passed House and Senate (HB1686ER) pdf | impact statement
- 02/20/13 Governor: Acts of Assembly Chapter text (CHAP0016) pdf
HISTORY
- 01/07/13 House: Prefiled and ordered printed; offered 01/09/13 13101233D
- 01/07/13 House: Referred to Committee on Commerce and Labor
- 01/15/13 House: Reported from Commerce and Labor (22-Y 0-N)
- 01/17/13 House: Read first time
- 01/18/13 House: Read second time and engrossed
- 01/21/13 House: Read third time and passed House BLOCK VOTE (87-Y 0-N)
- 01/21/13 House: VOTE: BLOCK VOTE PASSAGE (87-Y 0-N)
- 01/22/13 Senate: Constitutional reading dispensed
- 01/22/13 Senate: Referred to Committee on Commerce and Labor
- 02/04/13 Senate: Reported from Commerce and Labor (16-Y 0-N)
- 02/05/13 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/06/13 Senate: Read third time
- 02/06/13 Senate: Passed Senate (40-Y 0-N)
- 02/11/13 House: Enrolled
- 02/11/13 House: Bill text as passed House and Senate (HB1686ER)
- 02/11/13 House: Signed by Speaker
- 02/12/13 Senate: Signed by President
- 02/20/13 Governor: Approved by Governor-Chapter 16 (effective 7/1/13)
- 02/20/13 Governor: Acts of Assembly Chapter text (CHAP0016)