This bill amends the existing law regarding compensation for members of the board of directors of credit unions. Specifically, it repeals and reenacts RSA 383-E:6-607(a) to allow credit unions to compensate their board members, credit committee members, and supervisory committee members for their services. The amount of compensation will be determined by the credit union members during an annual meeting. However, the bill stipulates that no officers, directors, or employees may receive any additional compensation or fees for services provided to the credit union beyond their established compensation as officers, directors, or employees.

The key change in the law is the insertion of the provision that explicitly permits credit unions to pay their board members for their services, which was not previously allowed. The deletion of the old language signifies a shift towards recognizing the value of board member contributions and providing them with appropriate compensation. The bill is set to take effect 60 days after its passage.