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286.6-100 Supervision by commissioner -- Financial reports -- Examination -Fees.
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Credit unions shall be under the supervision of the commissioner and shall
make financial reports to the commissioner as and when he or she may
require, but at least annually. Each credit union shall be subject to examination
by, and for this purpose shall make its books and records accessible to, any
person designated by the commissioner. The commissioner shall fix a scale of
examination fees to be paid by credit unions, giving due consideration to the
time and expense incident to such examinations and to the ability of credit
unions to pay such fees, which fees shall be assessed and paid by each credit
union promptly after completion of such examination.
In lieu of the examination provided for in this section, the commissioner may
accept any examination made by the national credit union administration. One
(1) copy of the examination report shall be promptly submitted to the
commissioner for processing and analysis by the Department of Financial
Institutions.
When, in the judgment of the commissioner, the condition of any credit union
organized under the provisions of this subtitle renders it necessary or
expedient to make an examination or to devote any extraordinary attention to
its affairs, the commissioner shall cause such work to be done. A full and
complete copy of the report of all examinations shall be furnished to the credit
union so examined. Such report of examination shall be presented by the
president to the board of directors at its next regular or special meeting.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 726, effective July 15, 2010. -Amended 1982 Ky. Acts ch. 352, sec. 1, effective July 15, 1982. -- Amended
1962 Ky. Acts ch. 264, sec. 1. -- Amended 1950 Ky. Acts ch. 177, sec. 1. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 883g-6.
Formerly codified as KRS 290.100.
Legislative Research Commission Note (7/12/2006). In accordance with 2006
Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a
section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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