Senate Bill No. 318

Public Act No. 00-38

An Act Concerning Credit Union Powers.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Subsection (a) of section 36a-441 of the general statutes, as amended by public act 99-19 and section 9 of public act 99-36, is amended by adding subdivision (21) as follows:

(NEW) (21) Engage in any activity that a federal credit union may be authorized to engage in under federal law, provided the Connecticut credit union shall file with the commissioner prior written notice of its intention to engage in such activity. Such notice shall include a description of the activity, a description of the financial impact of the activity on the Connecticut credit union, citation of the legal authority to engage in the activity under federal law, a description of any limitations or restrictions imposed on such activity under federal law, and any other information that the commissioner may require. The Connecticut credit union may begin engaging in such activity unless the commissioner disapproves such activity not later than thirty days after the notice is filed. The commissioner may adopt regulations in accordance with chapter 54 to ensure that any such activity is conducted in a safe and sound manner with adequate consumer protections. The provisions of this subdivision do not authorize a Connecticut credit union or a subsidiary of a Connecticut credit union to sell title insurance.

Approved May 1, 2000