Introduced in House Passed House Introduced in Senate Passed Senate Became Law
01/07/2020     01/29/2020  

Credit unions; board of directors compensation.

Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees, including reimbursement for business-related travel, shall be determined by a written policy approved by the board of directors. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board.

Date Version PDF TXT
01/23/2020 House: Committee substitute printed 20106517D-H1 Open
01/07/2020 House: Prefiled and ordered printed; offered 01/08/20 20103003D Open

            

2020 SESSION

    20106517D
    HOUSE BILL NO. 813
    AMENDMENT IN THE NATURE OF A SUBSTITUTE
    (Proposed by the House Committee on Labor and Commerce
    on January 23, 2020)
    (Patron Prior to Substitute--Delegate Ward)
    A BILL to amend and reenact � 6.2-1352 of the Code of Virginia, relating to credit unions; compensation of directors.

    Be it enacted by the General Assembly of Virginia:

    1. That � 6.2-1352 of the Code of Virginia is amended and reenacted as follows:

    6.2-1352. Compensation of officials.

    No member A. Compensation of members of the board of directors shall receive any compensation for his services as a member of the board. The and members of the credit or and supervisory committee may receive for their services, as members, such compensation as committees shall be determined by a written policy approved by the board of directors may determine, provided that annual compensation for an individual member does not exceed $6,000.

    B. Health, accident, and term life insurance protection for a director or committee member shall not be considered compensation.

    C. Directors and committee members, while on official business of the credit union, may be reimbursed for necessary expenses incidental to performing the business of the credit union. Official business of the credit union shall include attendance at regular or special meetings of the board of directors or committees thereof consistent with Internal Revenue Service guidelines.

    Picture Name From Date Type
    Jeion A. Ward D-Richmond Sponsor
    Don L. Scott D-Richmond Cosponsor
    Date Branch Action
    01/29/2020 House House: VOTE: (98-Y 0-N)
    01/23/2020 House House: Committee substitute printed 20106517D-H1
    01/23/2020 House House: Reported from Labor and Commerce with substitute (17-Y 0-N)
    01/07/2020 House House: Prefiled and ordered printed; offered 01/08/20 20103003D
    01/07/2020 House House: Referred to Committee on Labor and Commerce
    Summary
    Congress - Bill Number Major Title
    Branch Vote Date Yes No Not Voting
    Wiki





    Start Description.
    Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees, including reimbursement for business-related travel, shall be determined by a written policy approved by the board of directors. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board.
    End Description.

    Bill TEXT Points.
    This Bill has been listed with the following Subjects from Texts:
    Credit


    Credit unions



    End Bill TEXT Points.
    Date Bill Major Title
    Committee Name
    Subject Type