Oklahoma SB1623: Credit unions; requiring certain records to be filed with Bank Commissioner; allowing investments; providing requirements for credit unions; establishing compensations. Effective date.

What the bill says

An Act relating to credit unions; amending 6 O.S. 2021, Sections 2001, 2001.1, 2006, 2007, and 2010, which relate to definitions, the Oklahoma State Credit Union Board, succession, membership, and the board of directors; defining term; requiring powers exercised by the Board to ensure certain competitive charter; allowing certain credit union to make loans to its members with certain flexibility; allowing certain credit unions to invest certain shares, stocks, or member units of certain companies under a certain percentage of net worth of certain credit union…

From the enrolled text, April 30, 2026:

An Act relating to credit unions; amending 6 O.S. 2021, Sections 2001, 2001.1, 2006, 2007, and 2010, which relate to definitions, the Oklahoma State Credit Union Board, succession, membership, and the board of directors; defining term; requiring powers exercised by the Board to ensure certain competitive charter; allowing certain credit union to make loans to its members with certain flexibility; allowing certain credit unions to invest certain shares, stocks, or member units of certain companies under a certain percentage of net worth of certain credit union; prohibiting the Oklahoma State Credit Union Board from considering certain overlap when determining certain approval; allowing the Board to permit certain credit union to add certain category of association; allowing certain records to be filed with the Bank Commissioner within a certain time frame; allowing certain board of directors and members to receive certain compensation; requiring certain compensations to be disclosed annually in certain report; updating statutory references; making language gender neutral; updating statutory language; and providing an effective date. SUBJECT: Credit unions SECTION 1. AMENDATORY 6 O.S. 2021, Section 2001, is amended to read as follows: Section 2001. As used in this chapter Section 2001 et seq. of this title: 1. "Credit union" means a cooperative nonprofit society incorporated for the purpose of promoting thrift among its members, and creating a source of …

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