The bill amends the Credit Union Act of 2003 by updating the procedures for closing a domestic credit union's principal place of business or branches during emergencies. It allows the director to require such closures if they determine an emergency exists, and mandates that the facilities must remain closed until the director declares the emergency over. The bill also specifies that the director must promptly notify the governor of any closure orders. Additionally, if the director does not issue an emergency order, a designated officer of the credit union can close the facilities until the emergency is resolved.

The bill includes several changes to the language of the existing law. Notably, it replaces "it appears to" with "determines" regarding the director's authority, and changes "shall" to "must" in relation to the closure of facilities. It also modifies references to the designated officer, ensuring consistency in terminology. Furthermore, the bill clarifies that the period of closure is considered an emergency condition or legal holiday, impacting the credit union's legal obligations. Lastly, it emphasizes that the section does not alter any existing obligations of credit unions to their employees under state or federal law.

Statutes affected:
Senate Introduced Bill: 490.221