Section 17:13-92 - Membership of credit union; regulationsa. The membership of a credit union shall be limited to and consist of the incorporators and other persons that are members of any group, combination of groups, organization, combination of organizations or natural persons specified in the certificate of incorporation, or any group, combination of groups, organization, combination of organizations or natural person that has been added to the membership by amendment to the credit union's bylaws, who have paid any required entrance fee or membership fee, or both, have subscribed to one or more shares, have paid the initial installment thereon, and have complied with any other requirements as the certificate of incorporation or bylaws specify.b. Except as otherwise provided in this section, credit union membership shall be limited to the types of membership described in one of the following categories : (1) one group which has a common bond of occupation or association; or(2) more than one group with each group having within that group a common bond of occupation or association and a membership of less than 3,000 members at the time that group is first included within the field of membership of a credit union made up of more than one group; or(3) persons or organizations, or any combination of organizations within a well-defined neighborhood, local community or rural district; or(4) any combination of membership fields from paragraphs (1), (2) and (3) of this subsection b., provided, however, that the combining of membership fields pursuant to this paragraph shall only be used with respect to an existing credit union and only if, in the determination of the commissioner, it is found that the combination is necessary to maintain the safety and soundness of that existing credit union and, with respect to any group eligible to be part of a credit union pursuant to paragraph (2) or organization eligible to be part of a credit union pursuant to paragraph (3) of this subsection which is to be combined, the membership of that group or organization shall be subject to the same limitation on the number of members as provided for groups under paragraph (2) of this subsection; and(5) members of the immediate family of persons in a credit union or in any group or organization which makes up the membership of a credit union.c. Societies and copartnerships composed primarily of persons who are eligible for membership, and corporations, including cooperative organizations, whose stockholders are composed primarily of persons who are eligible for individual membership, may be admitted to membership. Any entity thus admitted to membership shall not borrow in excess of its shareholdings unless at least 10% of its members are qualified members of the credit union.d. Members who leave the field of membership may be permitted to retain their memberships in the credit union under reasonable standards established by the board.e. Members of the credit union shall not be personally or individually liable for the payment of the credit union's debts.f.(1) The commissioner may, by regulation, provide that a credit union may add to its field of membership any natural person who resides in a primary metropolitan statistical area in which the credit union is located and meets at least one of the following criteria: (a) is a person of low income as defined pursuant to 42 U.S.C. s. 5302(a)(20)(A);(b) resides in a low median income census tract as defined by the commissioner pursuant to 12 C.F.R. s. 228.12; or(c) has been or is the recipient of State or federally funded public assistance.(2) The commissioner may require that a natural person meet more than one of the criteria established under paragraph (1) of this subsection f.;(3) If a natural person who is a member of a credit union has immediate family members living in the same primary metropolitan statistical area as that natural person, a credit union may also add any member of that immediate family to its field of membership;(4) A credit union may establish areas within a primary metropolitan statistical area for purposes of paragraphs (1) and (3) of this subsection f.g.(1) For a credit union whose field of membership is described under paragraph (2) of subsection b. of this section, the requirement that a group have a membership of less than 3,000 members shall not apply if the commissioner determines, in writing and in accordance with the guidelines and regulations issued pursuant to paragraph (2) of this subsection, that the group could not feasibly or reasonably establish a new single common-bond credit union pursuant to paragraph (1) of subsection b. of this section, because: (a) the group lacks sufficient volunteer and other resources to support the efficient and effective operation of a single common-bond credit union;(b) the group does not meet the criteria that the commissioner has determined to be important for the likelihood of success in establishing and managing a new single common-bond credit union, including the demographic characteristics such as geographical location of members, diversity of ages and income levels, and other factors that may affect the financial viability and stability of a single common-bond credit union; or(c) the group would be unlikely to operate a safe and sound single common-bond credit union.(2) The commissioner shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L. 1968, c.410 (C.52:14B-1 et seq.), setting forth the criteria that the commissioner shall apply in determining whether a credit union may be established as provided pursuant to paragraph (2) of subsection b. of this section, which regulations shall be directed at assuring substantial parity between the field of membership standards and requirements of State and federal credit unions.L.1984, c.171, s.14; amended c. 133, s. 4.