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Arizona league backs two state CU modernization bills
PHOENIX (1/28/10)--Two bills introduced in state legislature earlier this week and backed by the Arizona Credit Union League would modernize and streamline current systems and relieve ongoing potential setbacks for credit unions and their members, said the league. Rep. Nancy McLain (R-Lake Havasu) introduced H.B. 2616, titled "credit unions; branches; ATMs," Tuesday. If passed, the bill would amend the state credit union act by removing a requirement for state-chartered credit unions to have ATMs approved by the Arizona Department of Financial Institutions (DFI). Instead, a credit union would be required to send a notification letter and any required fees 30 days before opening an ATM. The bill also would repeal an unnecessary statute that requires all state and federal financial institutions to submit credit card interest rates to the DFI. Austin De Bey, league vice president of governmental affairs, noted that McLain is chair of the House Banking and Insurance Committee and said, "we are thankful for Rep. McLain's support of our issues, and are both appreciative and excited for the opportunity to work with her." The introduction of H.B. 2616 came one day after a bipartisan bill backed by the league was introduced. That bill, H.B. 2607 "Auto Loans; Late Payments," would modernize late charges on indirect auto loans and make them more consistent with statutes that regulate direct auto lending, said the league.


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