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Credit Union Bill Signed by Governor Nixon

Missouri Governor Jay Nixon (D) has signed the credit union bill into law. Nixon signed HB 478 late Friday, June 28, 2013. The bill modernizes the Missouri Credit Union Statute dealing with joint accounts, which had not been updated since 1954.

“This bill cleans up the outdated language and ensures this section is on par with other financial institutions.” says Don Cohenour, Missouri Credit Union Association (​MCUA) president/CEO. “Credit unions of Missouri share our sincere thanks with Governor Nixon for signing it into law.”

With both Republican and Democratic support, the bill was voted out of the House by a vote of 153-1 and unanimously in the Senate by a vote of 33-0. Rep. Paul Wieland (R-District 112) was the sponsor of HB 478 and Senator Gary Romine (R-District 3) carried the bill in the Senate.

    Sen. Romine          Rep. Wieland

“We want to thank Representative Wieland and Senator Romine for their support,” says MCUA Senior Vice President of Advocacy Amy McLard. “Their efforts in explaining the bill to their colleagues went a long way in getting the bill through with very little opposition.” 

Out of 1,591 bills filed, the credit union bill was one of only 164 bills that were passed and sent to the Governor for his consideration.

The Missouri Credit Union Association is in the process of scheduling meetings across the state to fully explain the bill and its effect on credit unions. Times, dates and locations will be announced shortly.