North Carolina 2021-2022 Session Status: In Committee 3 R cosponsors

SB 489 — Credit Union Fees and Late Penalty.

Last action — Passed 1st Reading

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

10 added · 11 removed

Plain-language change summary

In the latest version of Senate Bill 489, some specific language has been tweaked for clarity. Most notably, the way the bill references payments has been revised to ensure it aligns with the role of the Administrator of Credit Unions. These changes matter because they help clarify the expectations for credit unions regarding their financial obligations, which can promote better compliance and understanding among those affected by the bill.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Apr 1, 2021 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2021 S 1 SENATE BILL 489 Short Title:
489 SESSION 2021 PRINCIPAL CLERK S D SENATE BILL DRS35216-MUf-18 Short Title:
A BILL TO BE ENTITLED AN ACT TO MODERNIZE THE LAWS APPLICABLE TO CREDIT UNIONS BY MODIFYING FEES PAID BY A NEW CREDIT UNION AND THE LATE PENALTY FOR A CREDIT UNION'S FAILURE TO MAKE A REPORT OF CONDITION.
Rules and Operations of the Senate April 5, 2021 A BILL TO BE ENTITLED AN ACT TO MODERNIZE THE LAWS APPLICABLE TO CREDIT UNIONS BY MODIFYING FEES PAID BY A NEW CREDIT UNION AND THE LATE PENALTY FOR A CREDIT UNION'S FAILURE TO MAKE A REPORT OF CONDITION.
(a) Each credit union subject to supervision and examination by the Administrator of Credit Unions, including credit unions in process of voluntary liquidation, shall pay into the office of the Administrator of Credit Unions twice each year, in the months of January and July, supervision fees, except those credit unions which that liquidate or convert its charter their charters shall pay into the office of the Administrator of Credit Unions, to the date of dissolution, pro rata supervision fees.
(a) Each credit union subject to supervision and examination by the Administrator of Credit Unions, including credit unions in process of voluntary liquidation, shall pay into the office of the Administrator of Credit Unions twice each year, in the months of January and July, supervision fees, except those credit unions which that liquidate or convert its charter their charters shall payinto the office of the Administrator of Credit Unions, to the date of dissolution, pro rata supervision fees.
(b) Any credit union that neglects to make timely semiannual reports as provided in subsection (a) of this section, or any of the other reports required by the Administrator of Credit Unions at the time fixed by the Administrator, shall pay a late penalty to the Administrator of *DRS35216-MUf-18* General Assembly Of North Carolina Session 2021 Credit Unions of seventy-five dollars ($75.00) for each day the neglect continues.
(b) Any credit union that neglects to make timely semiannual reports as provided in subsection (a) of this section, or any of the other reports required by the Administrator of Credit Unions at the time fixed by the Administrator, shall pay a late penalty to the Administrator of *S489-v-1* General Assembly Of North Carolina Session 2021 Credit Unions of seventy-five dollars ($75.00) for each day the neglect continues.
The Administrator of Credit Unions may revoke the certificate of incorporation and take possession of the assets and business of any credit union failing to pay a penalty imposed under this section after serving notice of at least 15 days upon the credit union of the proposed action.
The Administrator of Credit Unions mayrevoke the certificate of incorporation and take possession of the assets and business of any credit union failing to pay a penalty imposed under this section after serving notice of at least 15 days upon the credit union of the proposed action.
Page 2 DRS35216-MUf-18
Page 2 Senate Bill 489-First Edition
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Action History

  1. Passed 1st Reading

  2. Ref To Com On Rules and Operations of the Senate

  3. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 2 co-sponsors · 175 not signed on

Sponsors (2)

Co-sponsors (2)

Not signed on (175)

175 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

Who sponsors SB 489?
SB 489 is sponsored by Todd Johnson (Republican), Vickie Sawyer (Republican), Woodard, and Michael A. Lazzara (Republican).
What is the current status of SB 489?
This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 489?
Track SB 489 free on One Click Politics — get push/email alerts when it moves.

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