TOPEKA, Kan.–Kansas Gov. Laura Kelly has signed HB 2561, the credit union statute modernization legislation, into law.
The bill, which had support of credit unions, updates provisions of the State Credit Union Code to align with current business conditions and “ensure the soundness of Kansas credit unions,” according to the Cornerstone Credit Union League.
It also authorizes domestic credit unions to operate outside the state, “which is great news for our credit unions on the Kansas/Missouri border,” according to the league.
The bill takes effect July 1.
‘Broad Bipartisan Support’
The league credited Michael Murray, executive director of the Kansas Credit Union Association, and his team for moving the legislation forward.
“We were thrilled to see broad bipartisan support for the credit union industry in the Kansas legislature,” Murray said in a statement. “The governor’s office has been great to work with throughout the process, and we look forward to building upon this success with them and Kansas legislators in future sessions.”
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