Section Ban 1107.02 - Expanding the Qualifications for Membership(a) An application seeking to amend bylaws by expanding the qualifications for membership shall provide parameters limiting the qualifications so that the membership is no larger than:(1) Individuals who live, work, worship, or attend school in the state of New Hampshire; or(2) Individuals who are part of a clearly defined group or located in a particular geographic area.(b) An application seeking to expand the qualifications for membership under (a)(2) above that expands the field of membership to individuals living outside the state of New Hampshire shall include a letter approving the expansion from the state regulator where the new members live.(c) An application seeking to amend bylaws for qualifications for membership shall include a business plan demonstrating the credit union's ability to serve the membership and include:(1) The benefit to the state credit union of the change in qualifications for membership;(2) A plan for delivery of services to the new membership;(3) A procedure to verify individuals meet the requirements of qualifications for membership; and(4) A demonstration of the state credit union's financial ability to complete the plan.(d) An application for changes to qualifications for membership shall be posted 30 days prior to the change on the department website.(e) Within 30 days of publication on the department website, any party may notify the commissioner of its interest in the application.(f) Communications provided to the commissioner under (e) above regarding a state credit union's application to enlarge its field of membership shall be:(2) Received by the department prior to the conclusion of the 30-day notice period.(g) A public hearing on the application shall be held if the information submitted pursuant to (c) above is insufficient upon which to base the commissioner's decision.(h) An application to amend the bylaws to change the qualifications for membership shall be approved after: (1) Consideration of comments received or testimony provided during a public hearing if one is held; and(2) The commissioner finds that the proposed amendments comply with the applicable provisions of RSA 383-A and RSA 383-E and the state credit union is able to serve the proposed membership in accordance with the business plan provided in (c).N.H. Admin. Code § Ban 1107.02
Amended by Number 24, Filed June 13, 2024, Proposed by #13993, Effective 6/1/2024, Expires 6/1/2034.