This bill amends the existing law regarding compensation for members of the board of directors of credit unions. Specifically, it repeals the previous provision in RSA 383-E:6-607(a) and reenacts it to allow credit unions to compensate their board members for their services. The new legal language states that any credit union may pay its board members, credit committee, and supervisory committee members a sum determined by the credit union members at an annual meeting. However, it also stipulates that no officers, directors, or employees shall receive any additional compensation or fees for services provided to the credit union beyond their established compensation as officers, directors, or employees.

The bill aims to provide credit unions with the flexibility to compensate their board members, which may help attract qualified individuals to serve in these roles. The effective date of the act is set for 60 days after its passage, allowing time for credit unions to adjust to the new compensation structure.