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Committee advances bill to authorize cooperative financial institution charters with amendments
Summary
House Bill 1507 would allow cooperative financial institutions to incorporate under a state mutual-charter structure, with bylaws and board requirements defined by statute and the Department of Financial Institutions’ approval.
House Bill 1507 would create a state-charter option for cooperative financial institutions, including mutual banks and similar entities, and set organizational and governance requirements. Representative Volmer (sponsor) explained the measure as restoring a state mutual-charter option that existed historically and would allow some institutions to convert from…
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