On its last day in session, the Missouri legislature on Friday unanimously approved modernizing the state’s credit union code, including lifting the $25,000 limit on unsecured loans for volunteers and establishing due process for removing officers or volunteers.
In companion bills, the House and Senate adopted the Credit Union Modernization Act, now due for expected signing by Gov. Jay Nixon.
Two other provisions in the legislation would authorize electronic balloting for mergers and conversions and provide consumer protections for personal information contained in examinations.
The bills were the first CU bills of this kind introduced in the General Assembly since 2008.
“There are a great many things credit unions can champion for consumers, and modernization of the state statute allows us keep pace with changes in a fast-paced regulatory environment,” said Peggy Nails, MCUA’s chief advocacy officer.
“We are very appreciative that the bill passed unanimously,” Nails added, noting that shows strong support for CUs among Missouri lawmakers.