N.J. Admin. Code § 3:21-1.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:21-1.2 - Application for designation as a low-income credit union

(a) A credit union may apply to the Commissioner for designation as a low-income credit union pursuant to this subchapter.

(b) An applicant shall submit the following to the Department:

1. A completed application, the form of which may be prescribed by the Commissioner;

2. Sufficient evidence to allow the Commissioner to determine whether the applicant meets the criteria set forth in (c) below; and

3. An application fee of $ 50.00 if the applicant is an existing credit union seeking designation, but no fee other than an incorporation application fee of $ 50.00 shall be charged to a credit union seeking designation as a part of its incorporation application; and

4. Such other information as the Commissioner may require.

(c) The Commissioner shall approve an applicant for designation as a LICU:

1. In the case of an existing credit union, whose members are predominantly low-income; or

2. In the case of an entity which has submitted or which intends to submit an application for a State charter for a credit union, which is located in a well-defined neighborhood, community, or rural geographical area, recognized as distinct by residents and populated predominantly by low-income residents.

N.J. Admin. Code § 3:21-1.2

Amended by 47 N.J.R. 273(a), effective 1/20/2015