Rule 80-2-4-.09 - Relocation or Simultaneous Redesignation of Two or More Credit Union Locations(1) Definitions: (a) Relocation. The location of an existing branch location is to be moved to a new or additional location which is to be constructed, purchased or leased within the same immediate vicinity of the existing branch.(b) Redesignation. Where two existing credit union locations exchange their designations, a redesignation occurs. Under a redesignation, a branch office becomes the main office and the main office, if it is not closed, becomes a branch office.(2) Procedure for a Relocation. A credit union meeting the qualifying criteria for expedited processing in sections (3) of Rule 80-2-4-.08 may submit a letter form notification to relocate an existing branch or main office location. The approval to relocate such existing location under the notice procedure will be effective at the earlier of: an approval letter from the department, or 10 business days from the date of acknowledged receipt. In the event the credit union does not qualify for expedited processing, a form application should be submitted to the Department, which will normally be processed within 30 days from receipt of a completed application. All relocations should include a notice to members posted in a conspicuous place of the affected location as well as on the credit union's website at least 30 days before relocating. In addition, if any relocation proposal involves relocation of the credit union's main office, additional procedures such as amendment of the credit union's Articles of Incorporation may apply.(3) Procedure for a Redesignation. Upon receipt of a letter form request setting forth the details of the proposed redesignation, the Department will review and process such request within seven (7) days. In the event the credit union intends on closing the former main office as part of a redesignation, then the closing procedures for a branch location must be followed.Ga. Comp. R. & Regs. R. 80-2-4-.09
O.C.G.A. § 7-1-61.
Original Rule entitled "Relocation or Simultaneous Redesignation of Two or More Credit Union Locations" adopted. F. Jan. 8, 2021; eff. Jan. 28, 2021.