The bill proposes the repeal of sections 370.081 and 370.357 of the Revised Statutes of Missouri and enacts two new sections in their place, which outline the criteria and processes for credit unions to expand their membership. Notably, the new language allows credit unions to include additional groups or geographic areas in their membership, provided they meet specific criteria. The bill stipulates that only employer groups with fewer than three thousand members are generally eligible, with exceptions for certain circumstances such as mergers or conservatorships. Additionally, the director of the division of credit unions is granted authority to approve applications for membership expansion and must ensure that the credit union can adequately serve the new members. Furthermore, the bill includes provisions for the merger and consolidation of credit unions, ensuring that the surviving or new credit union retains the rights and responsibilities of the merging entities. A significant addition is that the surviving or new credit union is authorized to continue serving all members of the merging credit unions without requiring them to reapply or requalify for membership. This streamlining aims to facilitate the growth and operational efficiency of credit unions in Missouri while maintaining oversight by the director of the division of credit unions.

Statutes affected:
Introduced (6189H.01): 370.081, 370.357