HARRISBURG, Pa. (6/12/14)--The Pennsylvania Senate Tuesday unanimously passed House Bill 2009, an update to the state credit union code.
The bill, which was sponsored by Rep. Linda Schlegel (R-Sunbury), will now go to Gov. Tom Corbett's desk to be signed.
"I'd like to thank Senate leadership for moving the bill so quickly, as well as all the members of Senate for their unanimous approval," said Patrick Conway, Pennsylvania Credit Union Association president/CEO (Life is a Highway June 10).
The legislation clarifies the ability of a credit union's membership to amend, or appeal a board initiated bylaw amendment. Credit unions will no longer need to submit a petition obtained from the Department of Banking and Securities when a credit union amends or appeals its bylaws.
Also under the bill, inactive accounts would reflect the Pennsylvania Treasury escheat to five years from six years.
The legislation would give credit unions the ability to correspond with their memberships by fax, email or other electronic communication after obtaining member consent.
Credit unions could collect fees paid to outside collectors for other share or loan service-related amounts owed to the credit union. In addition, credit unions could recoup the actual sums they expend.
"We look forward to the governor signing the bill into law in the very near future," Conway said.