ATLANTA–Georgia Gov. Brian Kemp has signed HB 876 into law.
The bill, which had the support of credit unions, modernizes the charter in several ways to improve the operating environment for state-chartered credit unions, including providing additional lending flexibility for small credit unions.
The bill goes into effect July 1, according to the League of Southeastern Credit Unions, which had a delegation of credit union representatives on hand for the signing of the bill. The legislation was “crafted from the input of credit union advocates in partnership” with the Department of Banking & Finance and other financial services leaders, LSCU said.
“Credit unions across our state will greatly benefit from the flexibility and modernization this legislation provides, enabling them to better serve their members and communities with less red tape,” LSCU Vice President of Advocacy Sydney Seral said in a statement. “We are grateful for the continued support of Governor Kemp, the Department of Banking and Finance, and our legislative leaders who recognize the critical value our credit unions provide to Georgians of all walks of life.”
LSCU credited Kemp’s staff, as well as House Majority Caucus Chair Bruce Williamson and Senate President Pro Tempore John F. Kennedy, who sponsored the bill, for making the legislation possible.
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