MARLBOROUGH, Mass. — New Hampshire Gov. Chris Sununu has signed into law two pieces of legislation that has the backing of the state’s credit unions and the Cooperative Credit Union Association.
SB 385 gives New Hampshire financial institutions additional abilities to identify and stop exploitation of certain groups including the elderly and disabled, while SB 354, filed at the request of the New Hampshire Department of Insurance, adds further clarity regarding the sale of insurance products by banks and credit unions alike, according to the CCUA.
The association said it worked with the bill’s prime sponsor and members of the department to craft testimony explicitly stating that the intent of the legislation was to ensure licensure was not required of financial institutions for the sale of credit life and credit accident and health insurance policies.
“These legislative victories are the results of New Hampshire Credit Union leaders, CCUA and our lobbying partners building strong relationships with legislators,” said CCUA President/CEO Ron McLean. “Efforts to mitigate financial exploitation must be ongoing. SB 385 ensures the continuation of those efforts.” He also called attention to the importance of safeguarding credit unions and their ability to provide members with high quality and affordable credit life and credit accident insurance.”