Section 286.6-065 - Out-of-state credit unions(1) A credit union organized in another state may conduct business as a credit union in this state with the approval of the commissioner. The commissioner shall find that the out-of-state credit union:(a) Is a credit union organized under laws similar to this subtitle;(b) Is financially solvent;(c) Has account insurance comparable to that required for credit unions incorporated under this subtitle;(d) Is effectively examined and supervised by the supervisory authority of the state in which it is organized; and(e) Needs to conduct business in this state to adequately serve its members in this state.(2) The out-of-state credit union shall agree to:(a) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under this subtitle;(b) Comply with the same consumer protection provisions that credit unions incorporated under this subtitle must obey;(c) Designate and maintain an agent for the service of process in this state; and(d) Submit copies of reports to the commissioner when requested.(3) The commissioner may examine the out-of-state credit union or enter into cooperative or reciprocal agreements with the out-of-state credit union's regulatory authority for periodic examinations.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 720, effective7/15/2010. -- Created 1984 Ky. Acts ch. 408, sec. 7, effective 7/13/1984.