BEAVERTON, Ore. — Credit unions in Oregon celebrated their numerous legislative successes when the state House and Senate adjourned.
The session, the shortest in more than 10 years, was a productive one, according to Credit Union Association of Oregon Senior Vice President of Governmental Affairs and Public Relations Pamela Leavitt. "The 2007 Legislative Session proved to be one of the busiest for credit unions," she said. "Besides moving our priority legislation through both the House and Senate, we were asked to serve on work groups for major bills on identity theft, predatory lending, and consumer lending. We participated in several meetings with the Governor on short-term lending bills."
Bills of interest to credit unions in the state included S.B. 592,which provides credit unions more flexibility in setting a branch application fee, permits the sale of money transfer instruments to nonmembers, and establishes a low-income designation. The new law will go into effect Jan. 1.
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A financial education bill (H.B. 2574) is headed for the governor's signature. It creates a task force to study and make recommendations on improving civics and financial education in schools.
S.B. 543 permits homeowner associations and associations of condominium unit owners to deposit assessments into any federally insured financial institution whereas previously it was just banks. After the bill passed the Senate, the banks made an effort to kill it, but it was ultimately passed and signed into law.
Finally, the Oregon Consumer Identity Theft Protection Act (S.B. 583) was the product of an eight-month workgroup in which CUAO participated. The bill requires consumer notification for security breaches of computerized data, and allows consumers to freeze or block access to their credit for $10.00, or for free if they are a victim of identity theft. In addition, the bill prohibits printing or displaying a Social Security number unless made unreadable, with exceptions, and establishes a duty to safeguard personal information.
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