This bill amends the Credit Union Act to establish a clearer process for domestic credit unions wishing to convert into mutual savings banks or mutual savings associations. Key provisions include requirements for the credit union board to provide written notice to members at least 30 days prior to voting on the conversion plan, detailing the reasons for the conversion, its potential effects, and soliciting member feedback. The bill mandates that the conversion plan must be approved by a two-thirds majority of the board and must include disclosures about the advantages and disadvantages of the conversion, as well as assurances that no officials will receive remuneration related to the conversion.

Additionally, the bill specifies that the credit union must notify members of a special meeting to vote on the conversion at least 90 days in advance, with detailed information about the meeting and the conversion plan. It also outlines the requirements for member voting, including the option for mail-in ballots and alternative voting methods approved by the director. The bill replaces references to the "commissioner" with "director" in various sections, reflecting a change in oversight authority. Overall, the amendments aim to enhance transparency and member engagement in the conversion process while ensuring regulatory compliance.

Statutes affected:
House Introduced Bill: 490.373
As Passed by the House: 490.373