Sunset Division of Financial Services
- Sections 1 through 3 of the bill continue the division and the financial services board (board) for
159 years, until20392033 ; - Section 4 authorizes a credit union to merge with a credit union that is chartered in another state;
- 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;
- 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;
- Section 7 authorizes a credit union to determine the
datesdate upon which its fiscal year ends andits board of directors annually meetsthe date of the credit union's annual membership meeting ; - Section 9 repeals an obsolete statute; and
- Sections 4, 7,
and10 through5957, 59, and 60 replace gender-specific language with gender-neutral language.
In current law pertaining to life care institutions, an entrance fee is an initial or deferred transfer to or for the benefit of a provider of a sum of money or other property made or promised to be made as full or partial consideration for the acceptance or maintenance of a specified individual as a resident in a life care facility. The bill states that if the entrance fee is in the form of a sum of money, the sum must be greater than 4 times the amount of a regular periodic charge under a life care contract at the life care facility. The bill also clarifies that:
- The term "life care" includes the occupancy of a living unit, nutrition services, and nursing services;
- A resident's living unit may change based on the appropriate care needs of the resident; and
- The term "provider" does not include a unit owners' association of a common interest community.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)