SB 1424: Modifies provisions relating to credit unions

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

SB 1424 - This act modifies provisions relating to credit unions. Current law provides that membership shares in a credit union shall have a par value of $25-100. This act changes the par value to $1-100. The act additionally modifies provisions governing the conduct of board meetings of a credit union. Unless specifically prohibited by the bylaws, directors may participate in and act at any meeting of the board through the use of a telephone, video conference, or other electronic means. Participation by directors in a meeting may be in any combination of in person, telephone, or other electronic or virtual means provided that all directors participating can communicate simultaneously. Any action taken during such meeting shall have the same binding and legal effect as if conducted fully in person. Votes and other actions of the directors may be conducted by electronic means, including remote or online systems, provided that board approved procedures are established to verify the identity of voting directors and to ensure the integrity of the process. This act is substantially similar to the truly agreed to HB 2586 (2026). SCOTT SVAGERA

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 5, 2026Second Read and Referred S Insurance and Banking Committee
2. January 7, 2026S First Read
3. December 10, 2025Prefiled