SB 591 Modifies laws relating to credit union membership expansion
Sponsor: Scott Co-Sponsor(s)
LR Number: 2296S.05T Fiscal Note: 2296-05
Committee: Financial & Governmental Organizations and Elections
Last Action: 7/13/2007 - Signed by Governor Journal Page:
Title: SS SCS SB 591 Calendar Position:
Effective Date: August 28, 2007
House Handler: Cunningham

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Current Bill Summary

SS/SCS/SB 591 - This act creates new standards under which the Director of the Division of Credit Unions must operate in order to authorize the expansion of a credit union’s membership. Credit unions may be formed in a county or within a city not within a county and may expand into counties contiguous to those areas.

Notice of the decision of the director regarding expansion must be published in the division of credit union's electronic bulletin instead of in the Missouri Register.

Under current law, any person claiming to be adversely affected may challenge the expansion authorization. This act confers standing only to those who have an interest different from that of a member of the general public, upon establishing that they have been aggrieved, based on competent and substantial evidence of potential actual damages.