Legal Seminar, Denver, CO

Idaho (Ch. 165) Updates and modernizes internal governance provisions of the Idaho Credit Union Act including: • Updating the requirements for annual membership meetings and providing for updated voting mechanisms with new technology • Provisions outlining qualifications, fiduciary responsibilities and duties of a credit union’s board of directors • Organization of a credit union supervisory committee • Updated bonding requirements

[Effective July 1, 2018]

Indiana (P. L. 69) The Department of Financial Institutions may set criteria to exempt a bank or savings bank from pre-approval requirements for establishment of a de novo branch or acquisition of a branch at any location. [Effective July 1, 2018]

Kansas (Ch. 4) Amends the banking code to:

• Updates the notice requirements for acquiring control and change of control provided to the Commissioner (30 days prior to the acquisition or change of control) • Authorizes the Commissioner to waive a 60-day prior notice requirement of a merger transaction when the acquired bank or trust company is under a formal corrective action • Amends the experience requirements for serving as a Deputy Commissioner.

[Effective July 1, 2018]

Kansas (Ch. 75) Among other things:

• Incorporates savings and loan associations and savings banks into the state banking code, repealing the existing Savings and Loan Code and amending the term “bank” to be “bank or state bank” and to mean a bank, savings and loan association, or savings bank incorporated under Kansas law • Specifies the activities in which a mutual bank may engage • Defines “savings and loan service corporation” setting forth permissible activities and regulates investment in such corporations by savings and loans or savings banks • Sets requirements for conversion to a federal or state charter and amends the capital requirements in the banking code to incorporate the mutual form of ownership of most savings and loan associations. [Effective July 1, 2018] Mississippi (HB 1338) Revises provisions regarding the bank merger process to make them consistent with the Mississippi Business Corporation Act; authorizes Mississippi chartered or domiciled banks offering open-end credit to assess finance charges and other charges at rates not more than the rates imposed by out-of-state banks on Mississippi customers. Tennessee (Ch. 741) Broadens the definition of financial institution to include a trust company. [Effective April 18, 2018]