SSHB689 3858 2772
HOUSE SUMMARY OF SENATE AMENDMENTS
House Bill No. 689 by Representative Jordan
CREDIT/UNIONS: Provides relative to credit unions
Synopsis of Senate Amendments
1.Makes technical changes.
Digest of Bill as Finally Passed by Senate
Present law allows for only one board officer to be compensated as an officer of the board.
Proposed law repeals this limitation.
Present law prohibits a member of the board of directors or of the credit or supervisory
committees from receiving any compensation for his service as a member of the board or of
the committee.
Proposed law repeals this prohibition. Proposed law allows a credit union to reasonably
compensate an officer, director, or committee member for his services to the credit union and
also allows expense reimbursement for loss of pay and per diem.
Present law provides that the payment by the credit union of premiums for liability, travel,
accident, hospitalization, or life insurance coverage is not considered compensation.
Proposed law retains present law in part, but changes hospitalization insurance to health
insurance.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 6:649(A)(2) and (C))
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