N.D. Admin. Code 13-03-23-03

Current through Supplement No. 395, January, 2025

Section 13-03-23-03 - Application

An application to establish, make an initial investment, or increase the amount of an investment in a credit union service organization must be submitted to the commissioner in writing and must contain the following:

1. A full explanation and complete documentation of the proposed credit union service organization;

2. A listing of proposed management and their qualifications;

3. A proposed business plan with financial projections for at least three years;

4. The amount of investment authority requested; and

5. Any additional information as requested by the board or commissioner.

Once an application is determined to be complete by the commissioner, it must be submitted to the board for consideration. The board shall issue an order to either approve or disapprove the application. Upon notice of disapproval, the applicant has fifteen days to petition for a hearing before the board.

N.D. Admin Code 13-03-23-03

Effective January 1, 2007; amended effective January 1, 2013.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-06