Rule 80-2-7-.02 - Credit Union Service Contracts(1) If a state-chartered credit union is required to disclose a credit union service contract to the National Credit Union Administration, a duplicate of such disclosure will simultaneously be submitted to the Department.(2) A state-chartered credit union entering into a credit union service contract with a third party service provider must maintain the following information on file at the credit union and shall not execute a contract with a third party service provider unless this information has been obtained: (a) A copy of the contract under which the services are provided;(b) A schedule of fees to be charged for each type of service to be performed;(c) Written assurance from the third party service provider that: 1. The records of the credit union for which the services are to be performed will be subject to examination and regulation by the department as if the records were maintained by the credit union on its own premises;2. The records of the credit union in the service provider's possession shall be available to examiners promptly upon receipt of notice;3. The department shall have the authority to periodically review the internal routine and controls of the service provider to ascertain that the operations are being conducted in a sound manner in keeping with generally accepted credit union procedures and industry standards;(d) A listing of all reports and printouts which the third party service provider is offering the credit union and the time required, after receipt of notice of examination, to provide those reports in readable form to the examiners; and(e) Evidence of financial stability to include a copy of the third party service provider's most recent audit and financial statement, both of which should be aged no more than 18 months. This is a continuous requirement.(3) A state-chartered credit union contracting with a third party service provider must employ good faith efforts to monitor the financial condition of the service provider and must notify the department immediately when it discovers or suspects that the service provider is insolvent or has suffered significant financial losses that threaten the continuing viability of the third party service provider.Ga. Comp. R. & Regs. R. 80-2-7-.02
O.C.G.A. §§ 7-1-61, 7-1-663.
Original Rule entitled "Application for Permission to Perform Credit Union Services" adopted. F. Nov. 8, 1978; eff. Nov. 28, 1978.Amended: F. July 13, 1981; eff. August 2, 1981.Amended: Rule retitled "Contracts for Credit Union Services." F. July 28, 2003; eff. August 17, 2003.Amended: New title, "Credit Union Service Contracts." F. July 7, 2023; eff. July 27, 2023.