The bill amends the Credit Union Act of 2003, specifically section 304, to update the requirements for domestic credit unions regarding changes to their principal place of business and the use of assumed names. It stipulates that if a credit union changes its principal location, it shall provide written notice to the director not less than 7 days before the change. Additionally, credit unions must file the address of their principal place of business and the names and titles of their officials and senior management employees, notifying the director of any changes within not more than 7 days after they occur.

Furthermore, the bill modifies the process for adopting or changing assumed names by requiring credit unions to give written notice to the director not less than 30 days before using a proposed assumed name. The director retains the authority to deny or terminate the use of an assumed name if it is deemed confusing or misleading. The bill also clarifies that credit unions must disclose both their name and the assumed name in legal documents and other materials, and it allows for the inclusion of the phrase "credit union" in an assumed name.

Statutes affected:
Senate Introduced Bill: 490.304