Sunset Process - House Finance Committee. The bill implements
the recommendations of the department of regulatory agencies (DORA) in its sunset review and report on the division of financial services (division), which is created within DORA. Specifically:
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Sections 1 through 3 of the bill continue the division and the financial services board (board) for 15 years, until 2039;
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Section 4 authorizes a credit union to merge with a credit union that is chartered in another state;
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Sections 5 and 8 increase the maximum civil penalty for violating a cease-and-desist order or suspension order from $1,000 per day to $5,000 per day;
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Section 6 repeals a provision that prohibits credit unions from having overlapping geographic fields of membership and repeals a requirement that the board send hearing notices by certified or registered mail;
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Section 7 authorizes a credit union to determine the dates upon which its fiscal year ends and its board of directors annually meets;
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Section 9 repeals an obsolete statute; and
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Sections 4, 7, and 10 through 59 replace gender-specific language with gender-neutral language.
