286.6 -065 Out -of-state credit unions. (1) 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. (2) 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 subtitl e; (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 whe n requested. (3) The commissioner may examine the out -of-state credit union or enter into cooperative or reciprocal agreements in this state; and (d) Submit copies of reports to the commissioner whe n requested. (3) 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. 24 7, 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.
Kentucky Legal Code