286.6-065 Out-of-state credit unions.
(1)
(2)
(3)
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.
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.
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: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 720, effective July 15, 2010. -- Created
1984 Ky. Acts ch. 408, sec. 7, effective July 13, 1984.
Formerly codified as KRS 290.065.
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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