Alabama 2022 Regular Session

Alabama House Bill HB249 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 HB249
2	2	2 216606-1
3	3	3 By Representative Lipscomb
4	4	4 RFD: Financial Services
5	5	5 First Read: 03-FEB-22
6	6
7	7	Page 0 1 216606-1:n:01/20/2022:FC/ma LSA2022-270
8	8	2
9	9	3
10	10	4
11	11	5
12	12	6
13	13	7
14	14	8 SYNOPSIS: This bill would provide that the travel
15	15	9 expenses of examiners of the Alabama Credit Union
16	16	10 Administration would be set and paid in accordance
17	17	11 with policies adopted by the Administrator of the
18	18	12 Alabama Credit Union Administration and the
19	19	13 provisions of Sections 36-7-20 and 36-7-22 of the
20	20	14 Code of Alabama, would not apply.
21	21	15
22	22	16 A BILL
23	23	17 TO BE ENTITLED
24	24	18 AN ACT
25	25	19
26	26	20 Relating to the Alabama Credit Union Administration;
27	27	21 to amend Section 5-17-7 of the Code of Alabama 1975, to
28	28	22 authorize the travel expenses of examiners traveling for the
29	29	23 purposes of their official duties as employees of the Alabama
30	30	24 Credit Union Administration to be set and paid by in
31	31	25 accordance with policies adopted by the Administrator of the
32	32	26 Alabama Credit Union Administration; and to exempt the
33	33	27 examiners and the Alabama Credit Union Administration from the
34	34	Page 1 1 provisions of Sections 36-7-20 and 36-7-22, Code of Alabama
35	35	2 1975.
36	36	3 BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
37	37	4 Section 1. Section 5-17-7 of the Code of Alabama
38	38	5 1975, is amended to read as follows:
39	39	6 "§5-17-7.
40	40	7 "(a) All state chartered credit unions shall pay an
41	41	8 annual operating fee and, if deemed necessary by the
42	42	9 administrator, an assessment, the exact amount of which shall
43	43	10 be fixed from time to time by the Administrator of the Alabama
44	44	11 Credit Union Administration.
45	45	12 "(b) Except as hereinafter provided, the annual
46	46	13 operating fee set by the administrator shall not exceed the
47	47	14 fee calculated by use of the following scale or the
48	48	15 administrator may authorize payment of the schedule used by
49	49	16 federal credit unions if the administrator determines it to be
50	50	17 appropriate:
51	51	18 "(1) Credit unions having total assets of less than
52	52	19 $500,000.00 shall pay a fee not in excess of $.12 for each
53	53	20 $100.00 of assets, subject to a minimum of $200.00.
54	54	21 "(2) Credit unions with assets of $500,000 but not
55	55	22 in excess of $1,000,000 shall pay a fee of $600 plus $.05 per
56	56	23 $100 of assets over $500,000 but not in excess of $1,000,000;
57	57	24 credit unions with assets of $1,000,000 but not in excess of
58	58	25 $5,000,000 shall pay a fee of $850 plus $.035 per $100 of
59	59	26 assets of $1,000,000 but not in excess of $5,000,000; credit
60	60	27 unions with assets of $5,000,000 but not in excess of
61	61	Page 2 1 $10,000,000 shall pay a fee of $2,250 plus $.02 per $100 of
62	62	2 assets over $5,000,000 but not in excess of $10,000,000;
63	63	3 credit unions with assets of $10,000,000 but not in excess of
64	64	4 $20,000,000 shall pay a fee of $3,250 plus $.018 per $100 on
65	65	5 assets over $10,000,000 but not in excess of $20,000,000;
66	66	6 credit unions with assets of $20,000,000 but not in excess of
67	67	7 $50,000,000 shall pay a fee of $5,050 plus $.016 per $100 on
68	68	8 assets over $20,000,000 but not in excess of $50,000,000;
69	69	9 credit unions with assets of $50,000,000 but not in excess of
70	70	10 $100,000,000 shall pay a fee of $9,850 plus $.013 per $100 on
71	71	11 assets over $50,000,000 but not in excess of $100,000,000;
72	72	12 credit unions with assets of $100,000,000 or more shall pay a
73	73	13 fee of $16,350 plus $.011 per $100 on all assets over
74	74	14 $100,000,000.
75	75	15 "(3) The annual operating fee for a corporate credit
76	76	16 union shall be set by the administrator and shall not exceed
77	77	17 the above scale.
78	78	18 "(c) Annually, the administrator may fix an annual
79	79	19 operating assessment to ensure that the Alabama Credit Union
80	80	20 Administration does not continue to operate in a deficit for
81	81	21 any given year. The assessment shall be approved by the Credit
82	82	22 Union Board of the Alabama Credit Union Administration. Any
83	83	23 credit union failing to pay the assessment within 30 days of
84	84	24 the notice of assessment may be charged a fine not to exceed
85	85	25 fifty dollars ($50) for each day that the assessment remains
86	86	26 unpaid.
87	87	Page 3 1 "(d) The annual operating fee shall be paid on or
88	88	2 before the last day of January of each year, based upon the
89	89	3 assets of the credit union as of the end of the previous year.
90	90	4 Any credit union failing to pay the operating fee may be
91	91	5 charged a fine not to exceed fifty dollars ($50) for each day
92	92	6 that the fee remains unpaid.
93	93	7 "(e) Whenever application is made to the
94	94	8 Administrator of the Alabama Credit Union Administration for
95	95	9 permission to organize a credit union, the applicant shall at
96	96	10 the time of filing the certificate of organization with the
97	97	11 Administrator of the Alabama Credit Union Administration pay a
98	98	12 fee not to exceed one thousand dollars ($1,000) for the
99	99	13 purpose of paying the costs incidental to the determination by
100	100	14 the Administrator of the Alabama Credit Union Administration
101	101	15 whether such certificate of organization shall be approved.
102	102	16 The Administrator of the Alabama Credit Union Administration
103	103	17 shall from time to time fix the exact charge to be made, but
104	104	18 in no event shall the charge exceed one thousand dollars
105	105	19 ($1,000). The provisions of this subsection shall not apply to
106	106	20 any existing credit union seeking charter conversion.
107	107	21 "(f) All fees collected under this section shall be
108	108	22 paid into the special fund set up by the State Treasurer. This
109	109	23 special fund shall be used to pay the salaries of the
110	110	24 officials and employees and the expenses of the Alabama Credit
111	111	25 Union Administration including the purchase of equipment,
112	112	26 vehicles, and supplies necessary for the examination and
113	113	27 supervision of credit unions and may be spent by the
114	114	Page 4 1 Administrator of the Alabama Credit Union Administration for
115	115	2 the uses and purposes specified herein. The travel expenses of
116	116	3 examiners of the Alabama Credit Union Administration shall be
117	117	4 set and paid in accordance with internal policies of the
118	118	5 Alabama Credit Union Administration adopted by the
119	119	6 Administrator of the Alabama Credit Union Administration and
120	120	7 the Alabama Credit Union Administration and the examiners
121	121	8 shall be exempt from the provisions of Sections 36-7-20 and
122	122	9 36-7-22. No taxes, fees, assessments, penalties, or other
123	123	10 revenues collected by the Alabama Credit Union Administration
124	124	11 shall be used for any purpose other than the expenses of
125	125	12 operating the Alabama Credit Union Administration.
126	126	13 "(g) All the jurisdiction, authority, powers, and
127	127	14 duties now conferred upon and imposed by law upon the
128	128	15 Superintendent of Banks and the Supervisor of the Credit Union
129	129	16 Bureau in relation to the management, control, regulation, and
130	130	17 general supervision of credit unions are hereby transferred
131	131	18 to, conferred upon, and imposed upon the Alabama Credit Union
132	132	19 Administration and administrator.
133	133	20 "(h) All assets primarily used by the Bureau of
134	134	21 Credit Unions, including books, records, documents, furniture,
135	135	22 equipment, and supplies are hereby transferred to the Alabama
136	136	23 Credit Union Administration. All funds in the special fund
137	137	24 previously maintained by the State Treasurer for the Bureau of
138	138	25 Credit Unions are hereby transferred to the Alabama Credit
139	139	26 Union Administration. All taxes, fees, assessments, penalties,
140	140	27 or other revenues owed to or collected by the Bureau of Credit
141	141	Page 5 1 Unions are hereby transferred to the Alabama Credit Union
142	142	2 Administration. Any employee presently employed by the
143	143	3 Superintendent of Banks who is presently primarily involved
144	144	4 with the Bureau of Credit Unions shall be employed by the
145	145	5 Alabama Credit Union Administration."
146	146	6 Section 2. This act shall become effective on the
147	147	7 first day of the third month following its passage and
148	148	8 approval by the Governor, or its otherwise becoming law.
149	149	Page 6