Substitute House Bill No. 7083, also known as Public Act No. 25-37, revises the credit union statutes in Connecticut, focusing on areas such as nonmember payments, member business loans, and capital requirements. Key changes include the repeal of Section 36a-435b, which is replaced with updated definitions, including an expanded definition of "immediate family member" and the introduction of terms like "insider" and "loan officer." The bill allows credit unions to accept payments from nonmembers under specific conditions, including payments into joint share accounts and from governmental entities, while also permitting community development financial institutions to accept payments from any nonmember, subject to a cap.

Additionally, the bill establishes new asset thresholds for credit unions, detailing minimum capital requirements based on total assets, and clarifies that public deposits will not count as nonmember payments. It revises the definition of "member business loan" to exclude personal loans and loans secured by residential properties, and introduces provisions for charitable contributions, requiring credit unions to maintain records of such contributions. The bill also addresses conflicts of interest by defining "insider or professional" and prohibiting preferential credit terms for insiders and their immediate family members, while allowing exceptions under a written policy. Furthermore, it modifies the definition of "net worth" for credit unions, excluding "regular reserves" from retained earnings, and is set to take effect on July 1, 2025.

Statutes affected:
Raised Bill:
BA Joint Favorable Substitute:
File No. 319:
File No. 822:
Public Act No. 25-37: