Connecticut Credit Union Act

Connecticut · 36A · §§ 36a-435 to 36a-477 · 71 sections

Overview

The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Conn. Gen. Stat. § 36a-435(Formerly Sec. 36-194). Definitions
Conn. Gen. Stat. § 36a-435aShort title: Connecticut Credit Union Act
Conn. Gen. Stat. § 36a-435bDefinitions
Conn. Gen. Stat. § 36a-436(Formerly Sec. 36-195). License required
Conn. Gen. Stat. § 36a-436aFranchise and filing fee payable to the Secretary of the State
Conn. Gen. Stat. § 36a-436bIssuance of certificate of authority to engage in business of Connecticut credit union
Conn. Gen. Stat. § 36a-437(Formerly Sec. 36-196). Organization
Conn. Gen. Stat. § 36a-437aOrganization
Conn. Gen. Stat. § 36a-438(Formerly Sec. 36-196a). Field of membership. Expansion. Membership applications. Continuation of membership. Expulsion or withdrawal of member
Conn. Gen. Stat. § 36a-438aField of membership. Expansion. Change in field of membership
Conn. Gen. Stat. § 36a-439(Formerly Sec. 36-196c). Change in the field of membership
Conn. Gen. Stat. § 36a-439aMembership applications. Expulsion of member
Conn. Gen. Stat. § 36a-440(Formerly Sec. 36-196d). Central credit union
Conn. Gen. Stat. § 36a-440aMeetings
Conn. Gen. Stat. § 36a-440bFinancial and statistical reports and other information. Records
Conn. Gen. Stat. § 36a-441(Formerly Sec. 36-198). Powers
Conn. Gen. Stat. § 36a-441aLoan and lease losses account. Net worth requirement
Conn. Gen. Stat. § 36a-442(Formerly Sec. 36-198b). Mortgage loans to members
Conn. Gen. Stat. § 36a-442aDeposit of funds; withdrawals. Bond requirement
Conn. Gen. Stat. § 36a-443(Formerly Secs. 36-198c to 36-198e, 36-200, 36-202 and 36-203). Extension of lines of credit to members. Lien on shares of members. Tax and loan and note accounts. Shares; value; withdrawal; minors; trusts; retirement accounts; share insurance. Meetings. Governing board
Conn. Gen. Stat. § 36a-448aGoverning board powers
Conn. Gen. Stat. § 36a-449(Formerly Sec. 36-203a). Governing board meetings
Conn. Gen. Stat. § 36a-449aMeetings of governing board
Conn. Gen. Stat. § 36a-450(Formerly Sec. 36-203b). Governing board powers. Committees
Conn. Gen. Stat. § 36a-450aExecutive committee
Conn. Gen. Stat. § 36a-451(Formerly Sec. 36-203c). Executive committee
Conn. Gen. Stat. § 36a-451aSupervisory committee. Members. Powers. Duties
Conn. Gen. Stat. § 36a-452(Formerly Sec. 36-203d). Investment policy
Conn. Gen. Stat. § 36a-452aCredit committee. Credit manager. Loan officer
Conn. Gen. Stat. § 36a-453(Formerly Secs. 36-204 and 36-204a). Officers. Benefits for Connecticut credit union employees and their families; liability or indemnity coverage for directors, credit committee members and supervisory committee members
Conn. Gen. Stat. § 36a-454aBenefits for Connecticut credit union employees and their families. Liability or indemnity coverage for directors, credit committee members and supervisory committee members
Conn. Gen. Stat. § 36a-454bConflict of interest policy. Prohibitions re insiders and family members of insiders
Conn. Gen. Stat. § 36a-455(Formerly Sec. 36-205). Credit committee. Loans. Lines of credit
Conn. Gen. Stat. § 36a-455aPowers
Conn. Gen. Stat. § 36a-455bTransfer of assets or business. Sale of branch. Acquisition of assets or business of federal credit union
Conn. Gen. Stat. § 36a-456(Formerly Sec. 36-206). Loans. Interest on loans. Authorization of interest refunds. Security. Regulations
Conn. Gen. Stat. § 36a-456aShares; secondary capital accounts; share insurance
Conn. Gen. Stat. § 36a-456bTax and loan and note accounts
Conn. Gen. Stat. § 36a-456cDividends
Conn. Gen. Stat. § 36a-457(Formerly Sec. 36-208). Supervisory committee. Members. Powers. Duties
Conn. Gen. Stat. § 36a-457aLoan policy
Conn. Gen. Stat. § 36a-457bMortgage loans to members
Conn. Gen. Stat. § 36a-458(Formerly Sec. 36-209). Reserve requirements
Conn. Gen. Stat. § 36a-458aLoans. Definitions
Conn. Gen. Stat. § 36a-459(Formerly Sec. 36-210). Dividends
Conn. Gen. Stat. § 36a-459aInvestment policy
Conn. Gen. Stat. § 36a-460(Formerly Sec. 36-211). Losses. Reduction of liabilities
Conn. Gen. Stat. § 36a-460aCorporate Connecticut credit union
Conn. Gen. Stat. § 36a-461(Formerly Sec. 36-213). Deposit of funds; withdrawals. Registration of securities; inspection. Bonding of officers, employees and authorized agents
Conn. Gen. Stat. § 36a-461aCredit union service organizations
Conn. Gen. Stat. § 36a-462(Formerly Sec. 36-214). Regulations re conduct of Connecticut credit unions, enforcement of chapter and establishment of rates paid as dividends
Conn. Gen. Stat. § 36a-462aEstablishment of branch in this state or outside state by Connecticut credit union. Application
Conn. Gen. Stat. § 36a-462bEstablishment of branch in this state by out-of-state, state-chartered credit union. Expansion of field of membership
Conn. Gen. Stat. § 36a-463(Formerly Sec. 36-215). Reports to commissioner. Net worth restoration plan. Records. Fees
Conn. Gen. Stat. § 36a-463aAudit report and net worth restoration plan by out-of-state, state-chartered or federally-chartered credit union that maintains branch in this state
Conn. Gen. Stat. § 36a-463bRelocation of main office of Connecticut credit union with approval of commissioner
Conn. Gen. Stat. § 36a-464(Formerly Secs. 36-219 to 36-221, 36-223a). Termination. Distribution of assets upon liquidation. No exemption from taxation. License required of other entities. Conversion of Connecticut credit union into federal or out-of-state credit union
Conn. Gen. Stat. § 36a-468aMergers
Conn. Gen. Stat. § 36a-468bConversion of Connecticut credit union into federal credit union
Conn. Gen. Stat. § 36a-469(Formerly Sec. 36-223b) and 36a-469a. Conversion of federal or out-of-state credit union into Connecticut credit union. Conversion of Connecticut or federal credit union into mutual savings bank, mutual savings and loan association or mutual community bank
Conn. Gen. Stat. § 36a-469bConversion of federal or out-of-state credit union into Connecticut credit union
Conn. Gen. Stat. § 36a-469cConversion of Connecticut or federal credit union into mutual savings bank, mutual savings and loan association or mutual community bank
Conn. Gen. Stat. § 36a-470(Formerly Sec. 36-223c). Mergers
Conn. Gen. Stat. § 36a-470aTermination
Conn. Gen. Stat. § 36a-471(Formerly Sec. 36-223d). Sale of assets
Conn. Gen. Stat. § 36a-471aRegulations re conduct of Connecticut credit unions, enforcement of chapter and establishment of rates paid as dividends
Conn. Gen. Stat. § 36a-472(Formerly Sec. 36-223e). Out-of-state credit union doing business in this state
Conn. Gen. Stat. § 36a-472aNo exemption from taxation
Conn. Gen. Stat. § 36a-473(Formerly Secs. 36-223f and 36-224) and 36a-475. Reports and examination of out-of-state credit unions doing business in this state; net worth restoration plan; revocation or suspension of approval. Exceptions. Credit union service organizations; shared service centers
Conn. Gen. Stat. § 36a-476Compliance with federal Currency and Foreign Transactions Reporting Act
Conn. Gen. Stat. § 36a-477The Banking Law of Connecticut › Credit Unions

Enacted in other states

Florida, Iowa, Idaho, Illinois, Maryland, Montana, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina, Texas

All Connecticut named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →