FEDERAL WAY, Wash. (4/18/13)--The Washington State House late last week passed a Northwest Credit Union Association-initiated bill to enhance the credit union charter in the state's Credit Union Act, including allowing compensation of directors.
Washington is the second state this year, after Tennessee, to change its law to permit compensation of credit union directors.
Senate Bill 5302 passed the House floor on a 94-0 vote, with four excused, said NWCUA. The bill will go to Gov. Jay Inslee for signature. If he doesn't sign it, the law takes effect July 28 (Anthem April 16).
The bill results from recommendations by NWCUA's Washington State Model Act Subcommittee and includes these changes: