Plain English Breakdown
The effective date is listed in metadata as July 1, 2025, which should be noted if the user needs timing details.
HB15: Updates to Banking and Finance Rules
This law updates terms in banking laws, changes rules for starting credit unions, sets new licensing requirements for various financial services, adds auditing and governance rules for mortgage lenders, and revises application steps for foreign banks moving locations.
What This Bill Does
- Updates terminology throughout Title 7 of the state code regarding banking and finance.
- Revises procedures concerning people who start or incorporate credit unions.
- Changes requirements for articles of incorporation for credit unions.
- Revises licensure requirements for money transmitters, cashing payment instruments, mortgage lenders, mortgage brokers, foreign banking institutions, and installment loans.
- Provides revised auditing procedures for mortgage lenders and mortgage brokers.
- Sets corporate governance requirements for mortgage lenders and mortgage brokers.
- Establishes liquidity requirements for mortgage lenders and mortgage brokers.
- Revises application requirements for foreign banking institutions that want to relocate.
Who It Names or Affects
- Credit unions
- Mortgage lenders and mortgage brokers
- Money transmitters and businesses cashing payment instruments
- Foreign banking institutions
Limits and Unknowns
- The official summary does not list specific dollar amounts for fees or penalties.
- The text mentions revising requirements but does not detail every new rule in this excerpt.