Search
 

Indiana CU bills introduced in state legislature

INDIANAPOLIS - The Indiana Credit Union League is facing a short, three-month state legislative session to see three league-supported bills passed by the state legislature before it adjourns March 14. House Bill 1140 and Senate Bill 202 are identical bills that would amend the state's field-of-membership law to allow credit...

By Staff Writer | Updated on January 22, 2002

<p>INDIANAPOLIS – The Indiana Credit Union League is facing a short, three-month state legislative session to see three league-supported bills passed by the state legislature before it adjourns March 14. House Bill 1140 and Senate Bill 202 are identical bills that would amend the state’s field-of-membership law to allow credit unions to serve communities up to 250,000 people, instead of the current 35,000 limit. The bills would also permit persons who reside in or are employed in a community to be considered a qualified group to form a CU and change credit union real estate improvement loan requirements. The third bill introduced had not been assigned a number by press time. That bill would allow mutual savings banks to convert to a state credit union charter. All three bills have been referred to the Committee on Insurance and Financial Institutions in the respective Senate and House chambers. The Indiana credit union statute currently on the books was written in 1934. Millie Cox, vice president of government affairs for the Indiana Credit Union League said she was asked by a mutual savings bank last summer whether it was possible in the state for a MSB to convert to a credit union. While it is unlawful under current law for a mutual savings bank to convert to a SCCU charter, it is lawful for a SCCU to convert to a mutual savings bank charter. If the bills are not passed by then, they will have to be reintroduced when the legislature convenes in January 2003.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.