§ 6-807
241 words·~1 min read·
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§6–807.
(a)A credit union may establish a branch in the State in accordance with the provisions of this section.
(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.
(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.