(1) Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish a branch office. The application shall be in such a form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing.(2) The commissioner shall approve a branch application when all of the following criteria are met: (a) The applicant has an examination rating of two (2) or higher;(b) The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;(c) The applicant has no formal or informal enforcement actions outstanding; and(d) The applicant has demonstrated that its members would be well served by the branch.(3) If the commissioner denies the branch application, the branch applicant will have the right of a hearing as prescribed in Section 81-13-1 for those applicants denied a new credit union. Laws, 1997, ch. 330, § 4; reenacted without change, Laws, 2001, ch. 408, § 30, eff. 7/1/2001.
Mississippi Legal Code