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HF 2751 House Long Description

hf2751 FIRST ENGROSSMENT Minnesota credit union protection act adopted. Section 1: Related terms defined. Sec. 2: Bylaws allowed to provided for self-amendment. Sec. 3: Amendment approval required and notice required. Sec. 4: Credit union authorization list expanded. Sec. 5: Parity clause provided. Sec. 6: Membership requirements modified. Sec. 7: Application requirements clarified. Sec. 8: Officer reimbursement allowed. Sec. 9: Conforming changes. Sec. 10: Unimpaired asset percentage raised from 40 to 50. Sec. 11: Conforming changes.AE