This bill amends the existing law regarding compensation for members of the board of directors of credit unions. Specifically, it allows credit union members to pay board members for their services, as indicated by the new legal language that states, "Any credit union may pay to each of the members of the board of directors, credit committee, and supervisory committee for his or her services as a member of the board or committee(s) a sum that may, from time to time, be fixed by the members at an annual meeting." This provision replaces the previous law, which is repealed, that did not allow for such compensation.

Additionally, the bill maintains that no officers, directors, or employees shall receive any other compensation or fee for services provided to the credit union beyond their established compensation as officers, directors, and/or employees. The act is set to take effect 60 days after its passage.