Governor signs AL Credit Union Act Update into law
04/08/2014 12:56 pm
Over the past couple of years the League of Southeastern Credit Unions, affiliated credit unions, and the Alabama Credit Union Administration have been collaborating on legislation that will update the Alabama Credit Union Act. During this year's legislative session, bills were introduced in each chamber to accomplish that goal.
HB 165 was introduced in the House of Representatives by Rep. Greg Wren (R-Montgomery) and
SB 212 was introduced in the Senate by Sen. Slade Blackwell (R-Mountain Brook). HB 165 passed both chambers of the legislature. The bill was transmitted to Gov. Robert Bentley on April 1, triggering the 10-day period for the governor to sign or veto the bill.
Monday night, Gov. Bentley signed HB 165, the update to the Alabama Credit Union Act, into law as Act No. 2014-317. This legislation will allow Alabama credit unions to operate more efficiently and effectively in today's ever changing regulatory environment. The legislation is effective May 1, 2014 and a signed copy will become available on the Secretary of State's website on April 8. The Alabama Credit Union Association is currently working with the governor's office to schedule a bill signing ceremony. Once a ceremony has been scheduled, the League's GA team will let credit unions know the date and location.
As with all of the League's successes, this legislative victory could not have been possible without the efforts of its affiliated credit unions. Thank you for all of your calls, emails, and grassroots efforts. The League looks forward to sharing many more successes in future sessions.