6.2-1379 - (Effective October 1, 2010) Out-of-state credit unions.
§ 6.2-1379. (Effective October 1, 2010) Out-of-state credit unions.
A. A credit union organized and doing business in another state may conductbusiness as a credit union in the Commonwealth with the approval of theCommission. The Commission shall grant such approval if it shall find thatthe out-of-state credit union:
1. Is a credit union duly organized under the laws of another state thatwould allow credit unions organized in the Commonwealth to conduct businessin that state;
2. Has share insurance for its members;
3. Reasonably needs to establish a place of business in the Commonwealth toadequately serve its members in the Commonwealth;
4. Is examined and supervised by the supervisory authority of the state inwhich the out-of-state credit union is organized; and
5. Has filed an application with the Commission to conduct such business.
B. The out-of-state credit union shall:
1. Grant loans at rates of interest not in excess of the rates permitted forcredit unions organized under the laws of the Commonwealth;
2. Comply with the same consumer protection provisions that credit unionsorganized under the laws of the Commonwealth are required to obey;
3. Designate and maintain a registered agent in the Commonwealth;
4. Submit all examination reports from its supervisory agency to theCommission;
5. Have any insurer of shares designate an agent for service of process andagree that in the absence of such designation service may be upon the clerkof the Commission;
6. Inform the members of the credit union who use any facility authorizedpursuant to this section of the state where the organization, supervision,and share insurance of the credit union are, and of the fact that it is notregulated, supervised, or insured by any agency of the Commonwealth; and
7. Comply with § 6.2-1326.
C. Credit unions organized in the Commonwealth may establish offices outsidethe Commonwealth upon approval of the Commission.
D. The Commission may suspend or revoke the authority of an out-of-statecredit union to do business in the Commonwealth if the Commission finds thatsuch credit union is not in compliance with the requirements of this section.
(1985, c. 552, § 6.1-208.6; 1990, c. 373, § 6.1-225.61; 1993, c. 59; 2010, c.794.)