ANNUAL REPORT TO MEMBERS

(a) The commission shall adopt, and the commissioner shall enforce, reasonable rules requiring a credit union regulated under this chapter and Subtitle D, Title 3, to provide an annual report to the credit union's members regarding the credit union's financial condition and management. The report must: (1) include a current balance sheet; (2) include an income and expense statement; (3) contain the name and date of expiration of the term of office of each member serving on the board of directors; (4) contain a brief description of any changes, since the preceding report was provided under this section, to the credit union's: (A) management; (B) bylaws; (C) articles of incorporation; (D) financial condition; (E) membership size; and (F) services offered; and (5) contain any other information the commission considers necessary to ensure that credit union members are provided with basic knowledge of the credit union's financial condition and management. (b) In adopting rules under this section, the commission must ensure that a credit union: (1) updates the report before the credit union's annual organizational meeting; (2) makes the report available to members throughout the year on the credit union's Internet website, if the credit union maintains a website; and (3) provides the report to credit union members by an alternative method, including delivery at the credit union's annual organizational meeting, if the credit union does not have an Internet website.