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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.
The commissioner shall approve a branch application when all of the following criteria are met:
The applicant has an examination rating of two (2) or higher;
The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;
The applicant has no formal or informal enforcement actions outstanding; and
The applicant has demonstrated that its members would be well served by the branch.
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.