BILL · 2001–02 SESSION · LATEST VERSION ESB 5570

SB 5570: Credit unions

Protecting credit union directors and committee members.

Summary

$ A director or committee member of a credit union is exempted from personal liability for an act causing harm, provided the act 1) was performed within the scope of his or her official duties, 2) does not constitute a breach of fiduciary duty, 3) was neither criminal, nor wilful, nor grossly negligent, and 4) and was not committed during the operation of any vehicle requiring a license or insurance. The exemption does not apply with respect to harm caused to the credit union or a governmental entity.

From the House Bill Analysis (SB 5570), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House

AN ACT Relating to credit union directors and committee 2members;

Passed March 13, 2001

Version voted on: ESB 5570

48 Yea 0 Nay 0 Absent 1 Excused

Party	Yea	Nay	Absent	Excused
Democrat	24	0	0	1
Republican	24	0	0	0

How each member voted

Jan 16, 2002On motion, referred to Labor, Commerce & Financial Institutions. (ESB 5570)
Jan 14, 2002By resolution, reintroduced and retained in present status. (ESB 5570)
Apr 25, 2001By resolution, reintroduced and retained in present status. (ESB 5570)
Apr 22, 2001By resolution, returned to Senate Rules Committee for third reading. (ESB 5570)
Mar 28, 2001Passed to Rules Committee for second reading. (ESB 5570)
Mar 27, 2001FII - Majority; do pass. (ESB 5570)
Mar 27, 2001FII - Executive action taken by committee. (ESB 5570)
Mar 15, 2001First reading, referred to Financial Institutions & Insurance. (ESB 5570)
Mar 13, 2001Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1. (ESB 5570)
Mar 13, 2001Rules suspended. Placed on Third Reading. (ESB 5570)
Mar 13, 2001Floor amendment(s) adopted. (ESB 5570)
Mar 12, 2001Placed on second reading by Rules Committee. (ESB 5570)
Mar 10, 2001Made eligible to be placed on second reading. (ESB 5570)
Feb 14, 2001Passed to Rules Committee for second reading. (ESB 5570)
Feb 13, 2001LCF - Majority; do pass. (ESB 5570)
Jan 26, 2001First reading, referred to Labor, Commerce & Financial Institutions. (ESB 5570)

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