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2020 Kentucky Revised Statutes
Chapter 286 - Kentucky financial services code
Subtitle 286.6 - Credit Unions
286.6-065 Out-of-state credit unions.

Universal Citation: KY Rev Stat § 286.6-065 (2020)
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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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