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House Bill 1179


House Bill 1179

ARCHIVE (2005)

Latest Information

 

DIGEST OF HB1179 (Updated April 18, 2005 3:16 pm - DI 84)


Updates references to federal laws and regulations in the Uniform Consumer Credit Code and the financial institutions statute. Specifies that Federal Reserve Regulation W applies to a nonmember bank or trust company. Establishes procedures for industrial loan and investment companies consistent with those for commercial banks. Allows credit unions to offer health savings accounts. Requires state chartered credit unions to submit call reports quarterly, instead of semiannually. Revises loan procedures and lending limits for certain loans by state chartered credit unions. Specifies that the director of the department of financial institutions (department) may hire independent contractors to assist with examinations. Extends the exemption from certain state laws preempted by federal law to subsidiaries of state chartered financial institutions. Allows the department to exercise certain enforcement powers jointly with federal regulators. Allows the director of the department to make a temporary appointment to fill a vacancy on an institution's board of directors under certain circumstances. Allows periodic premiums for consumer credit insurance on certain revolving accounts to be calculated by applying the premium rate to the amount of the insurance benefit for the cycle. Specifies that, for purposes of the statute governing the transfer of securities upon the death of the owner, a security account includes an investment management account or custody account with a corporate fiduciary or certain financial institutions with trust powers. Requires the department to develop proposed legislation concerning electronic banking. Allows a payroll savings plan administrator to receive reimbursement on certain static balances. Provides that a person who purchases or is assigned a high cost home loan is not subject to certain claims and defenses.
Current Status:
 Law Enacted
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