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Committee approves clarification requiring credit unions to file articles with Secretary of State
Summary
House Bill 181 clarifies filing requirements under the Credit Union Act so that articles of incorporation are filed with the Secretary of State on formation, aligning credit-union practice with filings for other business entities. The committee voted to send the bill to the House floor with a due-pass recommendation.
Representative Jeff Baylor (District 21) told the committee House Bill 181 resolves confusion about whether credit unions must file their original articles of incorporation with the Secretary of State or only report amendments to the Department of Finance. "Some credit unions were doing it originally, some weren't. All this does is just clarifies that that says, on incorporation, you file a copy of your articles of incorporation like other businesses do to the secretary of state," Baylor said.
Zach Forster, representing Idaho's credit unions, said his organization worked with the Department of Finance and the Secretary of State's office to craft the clarifying language and that the bill reflects consensus among the parties. "We worked with the Secretary of State's office as well as with the Department of Finance on this, and it was really just a matter of...all 3 of us coming together and just saying okay this is how we're gonna move forward," Forster said.
There was no opposition at the hearing. Representative Marmon moved to send the bill to the House floor with a due-pass recommendation; the motion carried on a voice vote. The bill will proceed to the full House.
