Minnesota HF4118 allows credit unions to obtain insurance from a credit union share insurance provider and regulates credit union share guaranty.

Minnesota HF4118 amends state statutes to authorize credit unions to obtain insurance for their member share and deposit accounts from a credit union share insurance provider. The bill also regulates credit union share guaranty corporations by requiring them to be approved by the commissioner. Credit unions must maintain insurance for their accounts under the National Credit Union Act or through an approved share guaranty corporation. The commissioner can assess costs for examining these corporations and deposit the funds into a special revenue fund.

Minnesota HF4118 allows credit unions to obtain insurance from a credit union share insurance provider and regulates credit union share guaranty.

Minnesota HF4118 amends state statutes to authorize credit unions to obtain insurance for their member share and deposit accounts from a credit union share insurance provider. The bill also regulates credit union share guaranty corporations by requiring them to be approved by the commissioner. Credit unions must maintain insurance for their accounts under the National Credit Union Act or through an approved share guaranty corporation. The commissioner can assess costs for examining these corporations and deposit the funds into a special revenue fund.