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Sunset Division of Financial Services

Concerning the continuation of the division of financial services in the department of regulatory agencies, and, in connection therewith, implementing the recommendations contained in the 2023 sunset report by the department of regulatory agencies.
2024 Regular Session
Financial Services & Commerce
Bill Summary

Sunset Process - House Finance Committee. The bill implements, with amendments, 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:

  • Sections 1 through 3 of the bill continue the division and the financial services board (board) for 15 9 years, until 2039 2033 ;
  • 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 dates date upon which its fiscal year ends and its board of directors annually meets the date of the credit union's annual membership meeting ;
  • Section 9 repeals an obsolete statute; and
  • Sections 4, 7, and 10 through 59 57, 59, and 60 replace gender-specific language with gender-neutral language.

The bill removes obsolete statutory references to the federal office of thrift supervision, which no longer exists.

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.)




Bill Text

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The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details