Section 394-A:7 Administrative Provisions.
I. No power, right, benefit or privilege conferred by this chapter upon a state-chartered financial institution shall be exercised by such institution, or by any other state financial institution of the same class, unless pursuant to a rule adopted by the commissioner in accordance with RSA 541-A.
II. Any 3 or more state-chartered financial institutions desiring the adoption of a rule governing the exercise of any power, right, benefit or privilege conferred upon the members of their class by this chapter shall petition the commissioner pursuant to RSA 541-A:4 requesting such a rule. Any such petition shall specify the power, right, benefit or privilege proposed to be exercised and shall be accompanied by copies of the federal legislation, regulations and rulings governing the exercise of such power, right, benefit or privilege by corresponding federally-chartered financial institutions.
III. As provided in RSA 541-A:4, within 30 days of submission of a petition, the commissioner shall deny the petition in writing, stating his reasons for denial, or shall initiate rulemaking proceedings in accordance with RSA 541-A. If the commissioner engages in rulemaking under this paragraph, he shall act in conformity with the purpose and principles of construction enunciated in RSA 394-A:1.
IV. Any denial of a petition for adoption of a rule pursuant to this chapter shall be based upon a finding made by the commissioner and incorporated in such denial, that the exercise of the proposed power, right, benefit or privilege by the particular class of financial institutions, in accordance with the federal legislation, regulations and rulings governing the exercise of such power, right, benefit or privilege by corresponding federally-chartered financial institutions, would not be consistent with safe and sound practice for state institutions of the class involved. If the commissioner denies the petition, he shall promptly serve a copy of the denial upon each state financial institution which is a member of the class affected.
V. If the commissioner grants the petition and initiates rulemaking proceedings, he may adopt a rule approving the exercise of such power, right, benefit or privilege by the class of state institutions involved in accordance with the federal legislation, regulations and rulings governing such exercise by corresponding federally-chartered financial institutions. In such case, when the rule takes effect, the state financial institutions of the affected class may exercise the specified right, power, benefit or privilege to the same extent and subject to the same limitations as apply to corresponding federally-chartered financial institutions, and shall comply with all requirements of federal legislation, regulations and rulings governing the exercise of such power, right, benefit or privilege by such corresponding federally-chartered institutions. Where such federal legislation, regulations and rulings call for administration or supervision by a federal supervisory agency or require the issuance of a special permit by such agency, the commissioner shall provide such administration or supervision or shall decide whether such permit shall issue.
VI. The commissioner may, in the alternative, adopt a rule approving the exercise of such power, right, benefit or privilege by the class of state institutions involved in accordance with the federal legislation, regulations and rulings governing such exercise by corresponding federally-chartered financial institutions, subject to such modifications and upon such terms and conditions as he may reasonably prescribe.
VII. In any case where it may be necessary to integrate any powers, rights, benefits or privileges granted to state-chartered financial institutions by the provisions of this chapter with powers, rights, benefits or privileges which such state institutions may lawfully exercise pursuant to other provisions of law, the commissioner may, subject to the rules of construction in RSA 394-A:1 and upon compliance with the rulemaking provisions of RSA 541-A adopt rules reasonably construing, reconciling and integrating the powers, rights, benefits or privileges in question.
VIII. The validity of any order of the commissioner denying a petition for the adoption of a rule under this section may be determined in accordance with the procedure for rehearings and court review prescribed by RSA 541.
IX. Any rule adopted pursuant to this section shall become effective upon filing with the director of legislative services.
X. Notwithstanding RSA 541-A:17, I, or any other law to the contrary, any rule adopted pursuant to this section shall continue in force and effect until amended or repealed. The procedure for amending or repealing a rule shall be the same as that prescribed in this section for the adoption of a rule.
Source. 1981, 204:1. 1983, 287:1. 1985, 73:2. 1994, 412:46, 47, eff. Aug. 9, 1994.