The bill amends the Credit Union Act of 2003 by updating Section 303, which governs the amendment process for the certificate of organization and bylaws of domestic credit unions. It allows members to approve amendments or delegate authority to the credit union board to make such amendments during a duly constituted meeting. Additionally, it specifies that any proposed amendments must be included in the meeting notice, ensuring transparency and member awareness.

Furthermore, the bill modifies the requirements for amendments to be effective. It stipulates that amendments must be submitted to the director for review and approval, but introduces an exception for amendments that only involve logistical changes to the bylaws, which do not require director approval. This change aims to streamline the amendment process for credit unions while maintaining necessary oversight.

Statutes affected:
Senate Introduced Bill: 490.303