Minnesota SF 4444: Lake Titlow Dam replacement bond issue and appropriation

Bill Text

1.1 A bill for an act​
1.2 relating to financial institutions; authorizing credit unions to obtain insurance from​
1.3 a credit union share insurance provider; regulating credit union share guaranty​
1.4 corporations; amending Minnesota Statutes 2024, sections 52.063, subdivision 3;​
1.5 52.24, subdivisions 1, 2, by adding a subdivision.​
1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.7 Section 1. Minnesota Statutes 2024, section 52.063, subdivision 3, is amended to read:​
1.8 Subd. 3.Appointment of National Credit Union Administration Board as​
1.9 receiver.Upon a request by the commissioner of commerce, the court may appoint the​
1.10 National Credit Union Administration Board, created by section 3 of the Federal Credit​
1.11 Union Act, as amended, or a share insurance provider approved by the commissioner as​
1.12 receiver of a credit union, without bond, when the deposits of the credit union are to any​
1.13 extent insured by the National Credit Union Administration Board or approved share​
1.14 insurance provider, and the credit union has had its operations suspended or has executed​
1.15 a consent cease and desist order with the commissioner in lieu of a suspension under section​
1.16 52.062. Notwithstanding any other provisions of law, the commissioner of commerce may,​
1.17 in the event of the suspension or consent cease and desist order, tender to the National Credit​
1.18 Union Administration Board or approved share insurance provider the proposed appointment​
1.19 as receiver of the credit union. If the National Credit Union Administration Board or approved​
1.20 share insurance provider accepts the proposed appointment and the court appoints the​
1.21 National Credit Union Administration Board or approved share insurance provider as receiver​
1.22 upon a request by the commissioner, the National Credit Union Administration Board or​
1.23 approved shared insurance provider shall have and possess all the powers and privileges​
1.24 provided by the laws of this state and section 207 of the Federal Credit Union Act, as​
1​Section 1.​
26-06505 as introduced​03/06/26 REVISOR RSI/CH​
SENATE​
STATE OF MINNESOTA​
S.F. No. 4444​NINETY-FOURTH SESSION​
(SENATE AUTHORS: FRENTZ, Nelson and Housley)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​6735​03/17/2026​
Referred to Commerce and Consumer Protection​
Comm report: To pass​6971​03/25/2026​
Second reading​6974​
Referred to for comparison with HF4118​
Rule 45-amend, subst. General Orders HF4118, SF indefinitely postponed​8075​04/15/2026​

2.1 amended, with respect to a receiver of a credit union, the board of directors of the credit​
2.2 union, and its members.​
2.3 Sec. 2. Minnesota Statutes 2024, section 52.24, subdivision 1, is amended to read:​
2.4 Subdivision 1.Insurance accounts.Every credit union under the supervision of the​
2.5 commissioner of commerce shall at all times maintain in effect insurance of member share​
2.6 and deposit accounts under the provisions of title II of the National Credit Union Act or​
2.7 through a credit union share guaranty corporation that is approved by the commissioner. A​
2.8 credit union which that fails to meet this requirement for insurance of its share and deposit​
2.9 accounts shall either dissolve or merge with another credit union which that is insured under​
2.10 title II of the National Credit Union Act or through a credit union share guaranty corporation​
2.11 that is approved by the commissioner.​
2.12 Sec. 3. Minnesota Statutes 2024, section 52.24, is amended by adding a subdivision to​
2.13 read:​
2.14 Subd. 1a.Credit union share guaranty corporation; accounts insured.(a) A credit​
2.15 union share account of an individual member or a nonmember of a participating credit union​
2.16 must be guaranteed in an amount established from time to time by the credit union share​
2.17 guaranty corporation. The primary guaranteed amount must be at least the amount of the​
2.18 credit union share account but must not exceed $250,000 or the primary guaranteed amount​
2.19 insured by the National Credit Union Administration, whichever is greater.​
2.20 (b) The commissioner may examine a credit union share guaranty corporation that insures​
2.21 the member accounts of a credit union that is subject to this section. The commissioner may​
2.22 assess the credit union share guaranty corporation examined for reasonable costs incurred​
2.23 to conduct an examination under this section. Money received from an assessment under​
2.24 this paragraph must be deposited in the financial institutions account in the special revenue​
2.25 fund.​
2.26 (c) A credit union is prohibited from voluntarily terminating the credit union's insurance​
2.27 with the National Credit Union Administration Share Insurance Program or a credit union​
2.28 share guaranty corporation without receiving approval from the commissioner.​
2.29 Sec. 4. Minnesota Statutes 2024, section 52.24, subdivision 2, is amended to read:​
2.