(1) A credit union organized in another state may conduct business as a credit union in this state with the approval of the commissioner. The commissioner shall find that the out-of-state credit union:
(a) Is a credit union organized under laws similar to this subtitle; (b) Is financially solvent;

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Terms Used In Kentucky Statutes 286.6-065

  • Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
  • Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Statute: A law passed by a legislature.

(c) Has account insurance comparable to that required for credit unions incorporated under this subtitle;
(d) Is effectively examined and supervised by the supervisory authority of the state in which it is organized; and
(e) Needs to conduct business in this state to adequately serve its members in this state.
(2) The out-of-state credit union shall agree to:
(a) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under this subtitle;
(b) Comply with the same consumer protection provisions that credit unions incorporated under this subtitle must obey;
(c) Designate and maintain an agent for the service of process in this state; and
(d) Submit copies of reports to the commissioner when requested.
(3) The commissioner may examine the out-of-state credit union or enter into cooperative or reciprocal agreements with the out-of-state credit union’s regulatory authority for periodic examinations.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 720, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 7, effective July 13, 1984.
Formerly codified as KRS § 290.065.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.