Substitute for Raised H.B. No. 7083
Session Year 2025

AN ACT CONCERNING VARIOUS REVISIONS TO THE CREDIT UNION STATUTES RELATING TO NONMEMBER PAYMENTS, MEMBER BUSINESS LOANS, CHARITABLE CONTRIBUTIONS, EXTENSIONS OF CREDIT, CAPITAL AND NET WORTH.

To (1) define "loan officer" for the purposes of various statutes relating to credit unions, (2) establish that certain credit unions may receive certain payments from nonmembers, (3) redefine "member business loan" for the purposes of certain statutory provisions relating to credit union loans, (4) establish that the management of Connecticut credit unions may make certain charitable contributions and gifts, (5) establish that employees, insiders or members of the governing board of Connecticut credit unions may obtain extensions of credit with preferential rates, terms or conditions, (6) establish that a Connecticut credit union may adopt policies establishing the manner in which such Connecticut credit union characterizes the proceeds of the resale of repossessed goods, and (7) redefine "capital" and "net worth" for the purposes of various statutory provisions relating to credit unions.

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