Sept. 14th Marks Major Milestone for Arizona Credit Union Act

As you likely already know earlier this year Arizona lawmakers introduced legislation modernizing the Arizona credit union act in January, which culminated with the bill clearing the full Legislature in March after which it was signed into law by the governor in April. However, one critically important piece remains which we can celebrate on Sept. 14 when the bill goes into effect and officially becomes law.

Most bills passed by the Arizona Legislature go into effect 90 days after the session adjourns unless they contain an emergency clause, a specified date (usually for spending bills), or a deferred implementation timeline. However, in general bills (including Senate Bill 1296) have time after adjournment so that impacted entities have time to review and understand changes to law and can actually implement them.

Because the Legislature adjourned so late this year, the effective date of Arizona credit union legislation (along with most other bills) was pushed to September 14th.

As a reminder here’s what the bill actually does.

Congratulations to all of the Arizona credit unions that played a role in developing the ideas contained in SB 1296, and thank you to everyone for encouraging your lawmakers to pass it. Special thanks to participants on the 2023 Arizona State Issues Working Group, members of the Arizona Governmental Affairs Committee, and attendees of this year’s Credit Union Day at the Capitol!

If you have any questions about the new changes or how to implement new powers and authorities, please contact Joe Adamack ([email protected]) or Jennifer Wagner ([email protected]).

 

Posted in Advocacy on the Move.