21-1725.01. New credit union; branch credit union; application; procedure; hearing.

430 words·~2 min read·/ne/chapter-21/21-1725-01

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Upon receiving an application to establish a new credit union, a public hearing shall be held on each application. Notice of the filing of the application shall be published by the department for three weeks in a legal newspaper published in or of general circulation in the county where the applicant proposes to operate the credit union. The date for hearing the application shall be not less than thirty days after the last publication of notice of hearing and not more than ninety days after filing the application unless the applicant agrees to a later date. Notice of the filing of the application shall be sent by the department to all financial institutions located in the county where the applicant proposes to operate.

(2)When application is made to establish a branch of a credit union, the director shall hold a hearing on the matter if he or she determines, in his or her discretion, that the condition of the applicant credit union warrants a hearing. If the director determines that the condition of the credit union does not warrant a hearing, the director shall notify the applicant credit union of such and the applicant credit union shall publish a notice, in a form prescribed by the director, of the filing of the application in a newspaper of general circulation in the county where the proposed branch would be located. The applicant credit union shall submit to the director

(a)an affidavit of publication from the newspaper showing that the notice was published and

(b)proof that the credit union has paid the expense of publication. If the director receives any substantive objection to the proposed credit union branch within fifteen days after publication of such notice, he or she shall hold a hearing on the application. Notice of a hearing held pursuant to this subsection shall be published for two consecutive weeks in a newspaper of general circulation in the county where the proposed branch would be located. The date for hearing the application shall be not less than thirty days after the last publication of notice of hearing and not more than ninety days after the filing of the application unless the applicant agrees to a later date.

(3)The director may, in his or her discretion, hold a public hearing on amendments to a credit union's articles of association or bylaws which are brought before the department.

(4)The expense of any publication required by this section shall be paid by the applicant but payment shall not be a condition precedent to approval by the director.