Georgia CU Statute Amended

Georgia Governor Brian Kemp signed House Bill 185 into law on May 7, 2019.

The bill revises statutory provisions governing banks, credit unions, trust companies, bank holding companies, money service businesses, mortgage lenders and brokers, and mortgage loan originators, as well as certain provisions addressing the Department of Banking and Finance’s general powers.

The following provisions in the bill will affect credit unions. The bill:

• expressly provides that if a credit union acquires a bank, the depositors and borrowers of the bank will be deemed members of the credit union at the time of the acquisition;
• enables credit unions to adopt a policy to expel members for non-participation;
• removes a limitation on the ability of credit unions to sell or purchase certain loans;
• revises the bylaw requirements for credit unions;
• renames the supervisory committee to the audit committee for credit unions

The provisions in the bill will go into effect on July 1, 2019.

Read the bill.