N.M. Admin. Code § 12.17.2.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.17.2.8 - CREDIT UNION BRANCHES

A credit union desiring to establish a branch shall give the director notice thereof on a form prescribed by the director. The director shall advise the credit union within 30 days following receipt of said notice that he has no objection to the branch, unless he is of the opinion that:

(a) the proposed branch would not be beneficial to and would not serve the needs of the credit union's members, or

(b) the operation of the proposed branch would substantially adversely affect the earnings and reserves of the credit union. If the director fails to act on said notice within such 30 days, such inaction shall be deemed and considered as no objection by the director. In the event that the director is of the opinion that either of the two factors above set forth does exist, he shall by letter so advise the credit union and shall set a hearing on the establishment of the branch, which setting shall be within 30 days of the date of said letter. At the hearing the credit union shall be afforded the opportunity of refuting such evidence as the director may cause to be presented on the factors above set forth. Following such hearing the director shall enter an order setting forth his findings and conclusions.

N.M. Admin. Code § 12.17.2.8

11/14/90; 9/30/97; Recompiled 10/15/01