§ 28-7-1-26.3 — Termination of membership; termination or suspension of services to member; withdrawal from membership; notice

Indiana § 28-7-1-26.3

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 1: Credit Unions

Text

3. (a) A credit union board may terminate
the membership of, or terminate some or all services to, a member who
does any of the following:
(1) Causes a loss to the credit union.
(2) Commits fraud or another misdeed against the credit union or
against a person on the premises of the credit union.
(b) Pending action by the credit union board at the credit union
board's next regularly scheduled meeting, a credit union may
immediately suspend any credit union services to a member who does
any of the following:
(1) Causes a loss to the credit union.
(2) Commits fraud or another misdeed against:
(A) the credit union; or
(B) a person on the premises of the credit union.
(c) A member may withdraw from a credit union at any time.
However, the credit union may require a notice of withdrawal from the
withdrawing member as a condition of withdrawal.
(d) Unless the withdrawal of a member occurs on a maturity date or
not later than seven (7) days after a maturity date, a credit union may
require that a withdrawing member give sixty (60) days written notice
of the member's intention to withdraw shares. A credit union may
waive an applicable notice period for a specific member or account in
writing.
(e) After a termination or withdrawal under this section, the former
member has no rights in the credit union. However, the termination or
withdrawal does not release the former member from any remaining
liability to the credit union.

Legislative History

As added by P.L.35-2010, SEC.165.