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DES MOINES, Iowa – Gov. Tom Vilsack signed into law on May 6 legislation modernizing the state’s Credit Union Act. The legislation is effective July 1, 2004. HF 2482 is a five-division “financial services” bill which also includes some provisions requested by the banking industry. Division II of the bill addresses and modernizes the Iowa Credit Union Act. Some of the major changes include: providing state credit unions parity with federal CUs regarding permissible investments; reducing the minimum examination requirements from every 18 to 24 months; allowing CUs to apply to the Superintendent of Credit Unions for permission to have less than nine people on their board; further specifying the responsibilities of CU directors; and enabling CU management to suspend services to members who have caused the CU a loss, violated board policy, or been abusive to credit union staff. Divisions I and III of HF 2482 apply exclusively to the banking industry, and Divisions IV and V are beneficial to both the banking and credit union industries. Division IV clarifies credit unions’ ability to collect any third part costs that are incurred as part of a residential real estate transaction. Division V is designed to improve the marketability of contaminated property by providing lenders that foreclose on the property immunity from liability claims. Justin Hupfer, vp of government affairs and internal counsel for the Iowa Credit Union League said HF 2482 “makes a number of changes that enhance the value of the state charter and create a more favorable business climate for Iowa credit unions.”

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