US Laws, Codes, Statutes & Cases

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 21
                            IDAHO CREDIT UNION ACT
    26-2145.  AUTHORITY TO EXERCISE FEDERAL POWERS. (a) Notwithstanding any
other provision of law, but subject to the limitations provided for in this
section, a credit union may engage in any activity in which it could engage,
exercise any power it could exercise, or make any loan or investment which it
could make if it were operating as a federal credit union, or a credit union
chartered by another state.
    (b)  Before engaging in any activity or exercising any power afforded
under this section, a credit union shall first notify the director of its
intent to do so. This notice shall be sent to the director by U.S. mail,
postage prepaid, certified or registered, with return receipt requested.
Should the director take no action on the request within twenty (20) days of
delivery to the director, the right to engage in the action or power so
requested shall be deemed granted.
    (c)  Should the director deny the request, the affected credit union shall
have the right to request a hearing before the director, which hearing shall
be held within thirty (30) days of the date of the denial.
    (d)  The director shall have the discretion to deny any request which is
inconsistent with the purposes of this chapter.
    (e)  No such approval shall operate to deny the director of any of his
authority under this chapter and such permitted activity shall be subject to
regulation by the director.