Senate Bill #700 (2017)

AN ACT RELATING TO FINANCIAL INSTITUTIONS--CREDIT UNIONS

Transfers the expulsion power of members to credit union management from the board of directors, provides written notice to the member of expulsion, and establishes a ten (10) business day appeal procedure to the board of directors.

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Changes since original draft

  • 2017 – S 0700
  • 2017 – S 0700 SUBSTITUTE A
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  • LC002188
  • LC002188/SUB A
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  • S T A T E O F R H O D E I S L A N D
  • IN GENERAL ASSEMBLY
  • JANUARY SESSION, A.D. 2017
  • ____________
  • A N A C T
  • RELATING TO FINANCIAL INSTITUTIONS–CREDIT UNIONS
  • Introduced By: Senator Michael J. McCaffrey
  • Date Introduced: April 04, 2017
  • Referred To: Senate Commerce
  • It is enacted by the General Assembly as follows:
  • SECTION 1. Section 19-5-18 of the General Laws in Chapter 19-5 entitled "Credit Unions" is hereby amended to read as follows:
  • 19-5-18. Expulsion of members.
  • The board of directors Credit union management may expel from the credit union any member who has not fulfilled his or her duties toward the credit union, or has been convicted of a criminal offense, or neglects or refuses to comply with the provisions of this chapter or of the credit union's by-laws, or who habitually neglects to pay debts, or shall become insolvent or bankrupt, or shall have deceived the credit union with regard to the use of borrowed money, but no member shall be expelled until credit union management has provided the member a notice that member has been informed in writing of the charges against him or her, and an opportunity has been given to him or her, after reasonable notice, to be heard by the board of directors. The member shall have the right to file a written appeal to the board of directors to reconsider the expulsion notice. No such expulsion shall operate to relieve the member from any remaining liability to the credit union.
  • The board of directors Credit union management may expel from the credit union any member who has not fulfilled his or her duties toward the credit union, or has been convicted of a criminal offense, or neglects or refuses to comply with the provisions of this chapter or of the credit union's by-laws, or who habitually neglects to pay debts, or shall become insolvent or bankrupt, or shall have deceived the credit union with regard to the use of borrowed money, but no member shall be expelled until credit union management has provided the member a notice that member has been informed in writing of the charges against him or her, and an opportunity has been given to him or her, after reasonable notice, to be heard by the board of directors. The member shall have the right to file a written appeal to the board of directors to reconsider the expulsion notice. The written appeal must be filed within ten (10) business days of the receipt of expulsion notice. No such expulsion shall operate to relieve the member from any remaining liability to the credit union.
  • SECTION 2. This act shall take effect upon passage.
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  • LC002188
  • LC002188/SUB A
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  • EXPLANATION
  • BY THE LEGISLATIVE COUNCIL
  • OF
  • A N A C T
  • RELATING TO FINANCIAL INSTITUTIONS–CREDIT UNIONS
  • ***
  • This act would transfer the expulsion power of members to credit union management from the board of directors, provide written notice to the member of expulsion, and would establish a ten (10) business day appeal procedure to the board of directors.
  • This act would take effect upon passage. ======== LC002188 ========
  • This act would take effect upon passage. ======== LC002188/SUB A ========

Votes

NOTE: Electronic voting records are unofficial and may not be accurate. For an official vote tally, check the House or Senate Journal from the day of the vote.

Floor vote for Passage

May 02, 2017 at 4:56pm
Yeas: 35 / Nays: 0 / Not voting: 0 / Recused: 2
Legislator Vote
Sen. Algiere R
Sen. Archambault Y
Sen. Calkin Y
Sen. Ciccone Y
Sen. Conley Y
Sen. Cote Y
Sen. Coyne Y
Sen. Crowley Y
Sen. DaPonte Y
Sen. DiPalma Y
Sen. Doyle Y
Sen. Felag Y
Sen. Fogarty Y
Sen. Gallo Y
Sen. Gee Y
Sen. Goldin Y
Sen. Goodwin Y
Sen. Jabour Y
Sen. Kettle Y
Sen. Lombardi Y
Sen. Lombardo Y
Sen. Lynch Prata Y
Sen. McCaffrey Y
Sen. Metts Y
Sen. Miller Y
Sen. Morgan Y
Sen. Nesselbush Y
Sen. Paolino Y
Sen. Pearson R
Sen. Picard Y
Sen. Quezada Y
Sen. Raptakis Y
Sen. Ruggerio Y
Sen. Satchell Y
Sen. Seveney Y
Sen. Sheehan Y
Sen. Sosnowski Y

Floor vote for PASSAGE IN CONCURRENCE

June 14, 2017 at 4:34pm
Yeas: 72 / Nays: 0 / Not voting: 3 / Recused: 0
Legislator Vote
Rep. Abney Y
Rep. Ackerman Y
Rep. Ajello Y
Rep. Almeida Y
Rep. Amore Y
Rep. Azzinaro Y
Rep. Barros Y
Rep. Bennett Y
Rep. Blazejewski Y
Rep. Canario Y
Rep. Carson Y
Rep. Casey Y
Rep. Casimiro Y
Rep. Chippendale Y
Rep. Corvese Y
Rep. Costantino Y
Rep. Coughlin Y
Rep. Craven Y
Rep. Cunha Y
Rep. Diaz Y
Rep. Donovan Y
Rep. Edwards Y
Rep. Fellela NV
Rep. Filippi NV
Rep. Fogarty Y
Rep. Giarrusso Y
Rep. Handy Y
Rep. Hearn Y
Rep. Hull Y
Rep. Jacquard Y
Rep. Johnston Y
Rep. Kazarian Y
Rep. Keable Y
Rep. Kennedy Y
Rep. Knight Y
Rep. Lancia Y
Rep. Lima Y
Rep. Lombardi Y
Rep. Maldonado Y
Rep. Marshall Y
Rep. Marszalkowski Y
Rep. Mattiello Y
Rep. McEntee Y
Rep. McKiernan Y
Rep. McLaughlin Y
Rep. McNamara Y
Rep. Mendonca Y
Rep. Messier Y
Rep. Morgan Y
Rep. Morin Y
Rep. Nardolillo Y
Rep. Newberry Y
Rep. Nunes Y
Rep. O'Brien Y
Rep. O'Grady NV
Rep. Perez Y
Rep. Phillips Y
Rep. Price Y
Rep. Quattrocchi Y
Rep. Ranglin-Vassell Y
Rep. Regunberg Y
Rep. Roberts Y
Rep. Ruggiero Y
Rep. Serpa Y
Rep. Shanley Y
Rep. Shekarchi Y
Rep. Slater Y
Rep. Solomon Y
Rep. Tanzi Y
Rep. Tobon Y
Rep. Ucci Y
Rep. Vella-Wilkinson Y
Rep. Walsh Y
Rep. Williams Y
Rep. Winfield Y