HARRISBURG, Pa. (6/23/14)--Pennsylvania Gov. Tom Corbett last week signed an update to the state credit union code.
House Bill 2009 was sponsored by Rep. Linda Schlegel Culver (R-Sunbury).
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 as well. In addition, credit unions could recoup the actual sums they expend.