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TALLAHASSEE, Fla. – Following the signature of Governor Jeb Bush due this month, the state will have its first recodification of credit union law in 23 years providing federal parity and updated language on field of membership. The bill, SB 1330, which becomes effective July 1, sailed through the Florida legislature with little opposition. The Florida House had passed the bill, 117-1, and on May 4 the state Senate concurred 38-0. Among its provisions, the measure revises procedures on starting a CU, clarifies sections on “community” definitions in accordance with NCUA rules and details CU loan powers and regarding place of business and branch locations. In line with NCUA rules, one section of the Credit Union Act broadens CU membership in a community to include those who “work” as well as those who reside there. The Florida Credit Union League said the bill was the product of months of work by legislative staff, the Florida Office of Financial Institutions and the League’s government affairs committee. “I want to thank all the individuals, legislative staff, department staff and Florida’s credit unions for helping to push this legislation to a successful passage,” said Guy Hood, FCUL president. Another section of the bill updates accounting concepts “in line with generally accepted accounting procedures,” said the League while another removes specific powers of a CU to conform to general business powers. The measure also modernizes terminology on director duties. “The Florida Credit Union Act had not been revamped since the enactment of the 1982 revision of the Florida Credit Union Act,” said Hood. The sponsor of the bill on the Senate side was Jeff Atwater (R. N. Palm Beach) who the League noted is a banker and did a superb job in sponsoring the bill.

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