Current with changes from the 2024 Legislative Session
Section 6-807 - State branches(a) A credit union may establish a branch in the State in accordance with the provisions of this section.(b)(1) A credit union that proposes to establish a branch in the State shall: (i) File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;(ii) Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and(iii) Pay to the Commissioner a branch fee of $100.(2) The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.(c) In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:(1) The establishment of the branch will promote the convenience of the members of the credit union;(2) The applicant has sufficient net worth to support the branch; and(3) The applicant generally is operating in compliance with the provisions of this title.(d)(1) The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.(2) The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.