It would also allow shareholders of S corporation financial institutions to receive income tax credits based on their pro rata share of franchise taxes paid by the institutions. This proposal would make several changes to the provisions governing the Division of Credit Unions within the Department of Economic Development. Current law requires credit unions to pay an annual fee based upon total assets according to a fee schedule. This bill would repeal the fee schedule and requires the Director of the Division of Credit Unions to determine the fee, according to a new maximum fee schedule. The bill also repeals the current authorization of the director to assess each credit union with a surcharge to complete the director's office budget, including support services and fringe benefits for the director's office.
All credit unions pay the same percentage rate of the annual fee.
Instead, any amount remaining in the Division of Credit Unions Fund would remain in the fund, subject to appropriation, to be applied against supporting services and fringe benefits expenditures and to be applied toward the reduction of the amount assessed to the credit unions in the succeeding fiscal year. The provisions specifically regarding credit unions contain an emergency clause and are to be effective upon passage and approval. The bill requires viatical settlement providers, brokers, and representatives to obtain licenses from the Department of Insurance. The Department of Insurance can also regulate the amounts paid by viatical settlement contracts. Viators must give informed written consent to viatical settlement contracts and have an unconditional right to rescind contracts before receiving payment.