SENATE BILL: Access to Credit for Small Businesses Act (Passed)

[Southern Senator North Carolina Yankee]

A BILL
To remove the credit union commercial lending cap

Be it enacted by the Congress of the Republic of Atlasia assembled

Section 1. Title

This legislation may be cited as the Access to Credit for Small Businesses Act.

Section 2. Definitions

In this Act:

1. CREDIT UNION - The term "credit union" refers to a member-owned, non-profit financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services, are exempt from paying corporate income tax on their earnings, and whose accounts are insured by the National Credit Union Administration.

Section 3. Removal of credit union lending cap

1. To ensure that all available business credit is deployable during and after the COVID-19 crisis:

(A) The 12.5% cap on total assets for credit union members' business lending portfolios shall be eliminated, provided that the extension of credit does not seriously threaten the safety and soundness of the insured credit union.

Section 4. Rulemaking

Not later than the end of the 30-day period beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall issue regulations to define when such extension of credit does not seriously threaten the safety and soundness of the applicable insured credit union.

Sponsor: Scott
Senate Designation: SB27:07

[Southern Senator North Carolina Yankee]

Initial Debate Period is starting, the sponsor has 24 hours to advocate and other Senators 48 hours to respond.

[Southern Senator North Carolina Yankee]

Was this at all altered by previous Atlasia legislation? I remember a Credit union bill from a year or so ago?

[Southern Senator North Carolina Yankee]

Any other concerns here?

[Southern Senator North Carolina Yankee]

Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

A Final Vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Southern Senator North Carolina Yankee]

AYE

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Access to Credit for Small Businesses Act:

Aye (5): Blair, LT, NC Yankee, Scott and Tack50
Nay (0):
Abstain (0):

Didn't Vote (0):

This has passed the Senate and is sent to the VP for house action.

[Southern Senator North Carolina Yankee]

A BILL
To remove the credit union commercial lending cap

Be it enacted by the Congress of the Republic of Atlasia assembled

Section 1. Title

This legislation may be cited as the Access to Credit for Small Businesses Act.

Section 2. Definitions

In this Act:

1. CREDIT UNION - The term "credit union" refers to a member-owned, non-profit financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services, are exempt from paying corporate income tax on their earnings, and whose accounts are insured by the National Credit Union Administration.

Section 3. Removal of credit union lending cap

1. To ensure that all available business credit is deployable during and after the COVID-19 crisis:

(A) The 12.5% cap on total assets for credit union members' business lending portfolios shall be eliminated, provided that the extension of credit does not seriously threaten the safety and soundness of the insured credit union.

Section 4. Rulemaking

Not later than the end of the 30-day period beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall issue regulations to define when such extension of credit does not seriously threaten the safety and soundness of the applicable insured credit union.

People's Regional Senate
Passed 5-0 in the Atlasian Senate Assembled,