Section 31.12.413 - Low-income credit unions-Director's approval required-Powers-Rules(1) A credit union may apply in writing to the director for designation as a low-income credit union. To qualify for approval of this designation, the credit union must provide evidence satisfactory to the director that at least fifty percent of a substantial and well-defined segment of the credit union's members or potential primary members are low-income members.(2) Among other powers and authorities, a low-income credit union may:(a) Issue secondary capital accounts approved in advance by the director upon application of the credit union; and(b) Accept and maintain shares and deposits from nonmembers.(3) The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.Amended by 2017 c 61,§ 11, eff. 7/23/2017.Amended by 2015 c 114,§ 10, eff. 7/24/2015.