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S.F. No. 2843 - Credit Union Governance - First Engrossment
Author: Senator David H. Senjem
Prepared By: Senate Counsel, Research and Fiscal Analysis (651/296-4791)
Date: April 9, 2018


Section 1, subdivision 1, requires that when three percent or more of members propose changes to state credit union bylaws it must be submitted to members for a vote in the prescribed manner.

Subdivision 2 provides that the bylaws and certificate of organization may be amended by a two-thirds vote of directors authorized at a duly convened meeting of the board, provided that members have 30-day notice of the meeting and have a copy of the proposed amendment.

Section 2 provides a definition of “cause” for purposes of expulsion of members from the credit union. Eliminates current language related to requirements of a nonparticipation policy.

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