§ 54-109.106. Foreign Credit Unions. - North Carolina Statutes

Article14N.

Foreign Credit Unions.

§ 54‑109.106.  ForeignCredit Unions.

(a)        A credit unionorganized under the laws of another state or territory of the United States mayconduct business as a credit union in this State with the approval of theAdministrator, provided credit unions incorporated under Articles 14A through14M of this Chapter are allowed to do business in the other state underconditions similar to these provisions.  Before granting the approval, theAdministrator must find that the foreign credit union:

(1)        Is a credit unionorganized under laws similar to Articles 14A through 14M of this Chapter;

(2)        Is financiallysolvent;

(3)        Has accountinsurance through the federal government or any agency thereof;

(4)        Is examined andsupervised by a regulatory agency of the state in which it is organized;

(5)        Will serve a fieldof membership not being served in this State or to adequately serve its membersin this State;

(6)        Operation by thecredit union will not have adverse impact on the financial, economic or otherinterests of residents of this State.

(b)        No foreign creditunion may conduct business in this State unless it:

(1)        Makes loans at suchterms allowed under the provisions of Article 14G of this Chapter;

(2)        Complies with therules and regulations applicable to credit unions incorporated under Articles14A through 14M of this Chapter;

(3)        Agrees to furnishthe Administrator a copy of the report of examination of its regulatory agencyand such other documents or reports as may be requested or to submit to anexamination as the Administrator deems necessary;

(4)        Designates andmaintains an agent for the service of process in this State.

(c)        The Administratormay deny or revoke approval of a credit union to conduct business in this Stateif the Administrator finds that:

(1)        The credit unionfails to meet the requirements of subsection (a);

(2)        The credit unionfails to comply with the laws of this State or lawful rules or orders issued bythe Administrator;

(3)        The credit union hasengaged in a pattern of unsafe or unsound credit union practices. (1991,c. 271.)