(1) With the prior approval of the State Board of Financial Institutions, a credit union chartered under the law of another state may, subject to the laws of this State governing state-chartered credit unions, conduct business as a credit union in this State. The Board shall approve an application for approval under this section if:
(a) The laws of the state in which the out-of-state credit union is chartered permit credit unions chartered in South Carolina to establish one or more branches in that state;
(b) Any conditions, restrictions, and requirements (other than regulations or requirements relating to the procedural steps necessary for approval of transactions authorized by this section) that would apply to the approval of authority to transact business in the state where the out-of-state credit union is chartered which would not apply to credit unions organized under the laws of that state are made applicable to the operation of the out-of-state credit union in this State;
(c) The out-of-state credit union is financially solvent, has account insurance comparable to that required for state-chartered credit unions organized under this chapter, and submits evidence that it needs to conduct business in South Carolina in order to adequately serve its members in this State.
(2) The State Board of Financial Institutions may require reports under oath to keep it informed as to whether an out-of-state credit union authorized to conduct business in South Carolina pursuant to this section is in compliance with the provisions of this chapter and regulations and orders issued under this chapter. The Board may make examinations of the credit union, the cost of which is assessed against the credit union.
(3) The State Board of Financial Institutions may enter into cooperative and reciprocal agreements with the credit union regulatory authorities of other states for the periodic examination of out-of-state credit unions authorized to do business in this State pursuant to this section and may accept reports of examinations and other records from the authorities in lieu of conducting its own examinations. The Board may enter into joint actions with other regulatory bodies having concurrent jurisdiction over a state-chartered credit union or may enter into the actions independently to carry out its responsibilities under this chapter and to assure compliance with the laws of this State.
(4) An out-of-state credit union authorized to conduct business in South Carolina pursuant to this section shall advise the State Board of Financial Institutions of the name and address of its resident agent located in South Carolina who is authorized to accept service of process on its behalf and shall promptly advise the Board of any changes in the office and agent it has filed with the Board.
HISTORY: 1984 Act No. 395, Section 3; 1985 Act No. 15.