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H0070........................................................by MR. SPEAKER
Requested by Department of Finance
CREDIT UNIONS - Amends existing law to provide that the Department of
Finance shall examine each credit union no less often than once in eighteen
months and more frequently when the director deems it necessary; and to
provide date changes for fee collection purposes.
01/11 House intro - 1st rdg - to printing
01/11 Rpt prt - to Bus
02/04 Rpt out - rec d/p - to 2nd rdg
02/05 2nd rdg - to 3rd rdg
02/09 3rd rdg - PASSED - 64-0-6
AYES -- Alltus, Barraclough, Barrett, Bieter, Black, Boe, Bruneel,
Callister, Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney,
Ellsworth, Field(13), Field(20), Gagner, Geddes, Hadley, Hammond,
Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones, Judd,
Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake, Limbaugh, Linford,
Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pischner, Pomeroy, Ridinger, Ringo, Robison, Sali, Schaefer,
Sellman, Smith, Stevenson, Stoicheff, Stone, Tippets, Trail, Watson,
Wheeler, Wood, Zimmermann, Mr Speaker
NAYS -- None
Absent and excused -- Bell, Gould, Reynolds, Taylor, Tilman, Williams
Floor Sponsor - Gagner
Title apvd - to Senate
02/10 Senate intro - 1st rdg - to Com/HuRes
03/12 Rpt out - rec d/p - to 2nd rdg
03/15 2nd rdg - to 3rd rdg
03/16 3rd rdg - PASSED - 34-0-1
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King, Lee, McLaughlin, Noh,
Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Twiggs, Wheeler, Whitworth
NAYS--None
Absent and excused--Parry
Floor Sponsor - Ipsen
Title apvd - to House
03/17 To enrol
03/18 Rpt enrol - Sp signed - Pres signed
03/19 To Governor
03/23 Governor signed
Session Law Chapter 202
Effective: 07/01/99
H0070|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 70 BY MR. SPEAKER Requested by: Department of Finance 1 AN ACT 2 RELATING TO EXAMINATION OF CREDIT UNIONS; AMENDING SECTION 26-2136, IDAHO 3 CODE, TO PROVIDE THAT THE DEPARTMENT OF FINANCE SHALL EXAMINE EACH CREDIT 4 UNION NO LESS OFTEN THAN ONCE IN EIGHTEEN MONTHS AND MORE FREQUENTLY WHEN 5 THE DIRECTOR DEEMS IT NECESSARY AND TO PROVIDE DATE CHANGES FOR FEE COL- 6 LECTION PURPOSES. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Section 26-2136, Idaho Code, be, and the same is hereby 9 amended to read as follows: 10 26-2136. EXAMINATIONS AND FEES. The department of financeat least11annually,shall examine each credit union no less often than once 12 in eighteen (18) months, and more frequently whenever the director shall deem 13 it necessary . Each credit union and all of its officers and agents 14 shall be required to give to representatives of said department full access to 15 all books, papers, securities, records and other sources of information under 16 their control; and for the purpose of such examination, said representatives 17 shall have power to subpoena witnesses, administer oaths, compel the giving of 18 testimony, and require the submission of documents. 19 A report of such examination shall be forwarded to the president of each 20 credit union within thirty (30) days after the completion of the examination. 21 Within thirty (30) days after the receipt of such report, a general meeting of 22 the directors and committeemen shall be called to consider matters contained 23 in the report. A reply to the director shall be forwarded by the board within 24 fifteen (15) days. 25 On or beforeSeptember 1February 15 of each 26 calendar year, the director shall fix and collect from each credit union an 27 assessment fee based upon the total assets of the credit union as of28June 30December 31 of thesameprevi- 29 ous calendar year, which fees shall not exceed the amounts set forth in 30 the following schedule: 31 TOTAL ASSETS FEE 32 $50,000 or less....................... $50.00 + $1.00 per thousand dollars 33 of assets 34 Over $50,000 and not over $100,000.... $100.00 + $.99 per thousand dollars 35 of assets in excess of $50,000 36 Over $100,000 and not over $250,000... $149.00 + $.94 per thousand dollars 37 of assets in excess of $100,000 38 Over $250,000 and not over 39 $1 million.......................... $291.00 + $.89 per thousand dollars 40 of assets in excess of $250,000 41 Over $1 million and not over 42 $2 million.......................... $958.00 + $.80 per thousand dollars 43 of assets in excess of $1 million 2 1 Over $2 million and not over 2 $5 million.......................... $1,758.00 + $.61 per thousand dollars 3 of assets in excess of $2 million 4 Over $5 million and not over 5 $8 million.......................... $3,588.00 + $.48 per thousand dollars 6 of assets in excess of $5 million 7 Over $8 million....................... $5,028.00 + $.35 per thousand dollars 8 of assets in excess of $8 million 9 The director may in his discretion at any time accept in lieu of any por- 10 tion of his examinations the findings or result of an audit by a firm of inde- 11 pendent certified public accountants or other qualified person or firm 12 approved by the director. The cost of the audit shall be borne by the credit 13 union. 14 All fees, fines, examination and miscellaneous charges collected by the 15 director pursuant to the Idaho credit union act shall be deposited into the 16 finance administrative account pursuant to section 67-2702, Idaho Code.
STATEMENT OF PURPOSE
RS08424
This legislation amends the Idaho Credit Union Act to allow the
Department to examine credit unions once every eighteen months, or
more frequently if deemed necessary, instead of annually.
This legislation also amends the Credit Union Act to adjust the
date on which the Department must fix and collect assessment fees
from the credit unions, and the date used to establish total amount
of assets upon which to base the fee.
FISCAL IMPACT
This amendment would result in a one-time delay of payment of the
assessed amounts to the Department's dedicated fund.
CONTACT
Name: Kelly Robison
Agency: Idaho Department of Finance
Phone: 332-8032
Statement of Purpose/Fiscal Impact H 7