ENROLLED
2021 Regular Session
HOUSE BILL NO. 689 (Substitute for House Bill No. 466 by Representative Jordan)
BY REPRESENTATIVE JORDAN
1 AN ACT
2 To amend and reenact R.S. 6:649(A)(2) and (C), relative to credit unions; to allow for
3 compensation; to provide for the payment of insurance premiums; to provide for
4 effectiveness; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 6:649(A)(2) and (C) are hereby amended and reenacted to read as
7 follows:
8 ยง649. Directors; officers; compensation
9 A.
10 * * *
11 (2) At the first meeting after the annual meeting of the members, the
12 directors shall elect from their number the board officers specified in the bylaws.
13 Only one board officer shall be compensated as an officer of the board; and the The
14 bylaws shall specify such positions, as well as the specific duty of each of the board
15 officers. The board shall elect from their number a financial officer who shall give
16 bond with good and sufficient surety in an amount and character to be determined
17 by the board of directors in compliance with the conditions of this Section.
18 * * *
19 C. No member of the board of directors or of the credit or supervisory
20 committees shall receive any compensation for his services as a member of the board
21 or of the committee. However, directors and committee members may receive A
22 credit union may reasonably compensate an officer, director, or committee member
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HB NO. 689 ENROLLED
1 for services to the credit union or for expense reimbursement for loss of pay while
2 away from work on credit union business, or and for per diem, when provided for in
3 the bylaws. The commissioner may approve such bylaw provision when the credit
4 union's legal reserves are in excess of six percent of risk assets. The payment by the
5 credit union of premiums for liability, travel, accident, hospitalization health, or life
6 insurance coverage on the director or committee member shall not be considered as
7 compensation under this Section.
8 Section 2. This Act shall become effective upon signature by the governor or, if not
9 signed by the governor, upon expiration of the time for bills to become law without signature
10 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
11 vetoed by the governor and subsequently approved by the legislature, this Act shall become
12 effective on the day following such approval.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.