BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CREDIT UNION ACT
(a) The organizer of a credit union shall apply for a charter by filing an application under RSA 383-A:6-602. The commissioner shall prescribe the form of the application. The form shall specify information required to process the application. Such information shall include: the name of the credit union; the address of the credit union's main office; the credit union's registered agent and registered office; the name and address of each organizer; the name, address, background and experience of the proposed directors and the executive officers; the proposed organizational documents, including the organizer's agreement and the proposed bylaws; a funding plan for the first 5 years of operations, including a statement as to the amount of the proposed initial funding of the guaranty fund, why such funding is adequate for its operations, and the sources and uses of funds; a strategic plan describing the activities the credit union intends to engage in, the qualifications of members and the markets that it intends to serve and its strategy for the first 5 years of operation; pro forma financial statements for the first 5 years of operations; and any other facts or circumstances deemed relevant to the application by the commissioner. The organizer shall also file with the commissioner a copy of any application to the National Credit Union Administration or any insurance fund for insurance of the shares and deposits of the members.
(b)(1) The commissioner shall review the application, and within 30 days of its receipt, determine if it is substantially complete. An application is substantially complete if it contains all the information required in RSA 383-E:3-304(a), the applicant has paid the application fee, and the application meets all other requirements as the commissioner may prescribe by rule. If the application is deemed to be incomplete, the commissioner shall notify the applicant, and the applicant shall have 30 days to supply the required information.
(2) If the commissioner determines that the application is substantially complete under RSA 383:3-304(b)(1), he or she shall so notify the applicant, and the applicant shall within 30 days, cause a public notice of the application to be published in a newspaper of general circulation or other media acceptable to the commissioner. The notice shall state a date before which objections may be filed, which date shall not be earlier than 14 days after the publication of the notice. Any interested person may, within the time specified, file with the commissioner a statement of objection to the granting of such application. The form of public notice shall be prescribed by the commissioner.
(c) At any time after being submitted, the commissioner may deem the application to be abandoned if the organizer fails to furnish required information and certifications or the required fee within 30 days after a request made by the commissioner.
(d) If the commissioner determines that the application is substantially complete, he or she shall promptly conduct an examination of all relevant facts connected with the organization of the credit union. The commissioner may examine the following factors:
(1) Whether the proposed organizational structure is adequate to manage the proposed credit union.
(2) Whether the proposed capital as set forth in the capital plan is adequate in relation to the proposed activities of the proposed credit union.
(3) Whether the strategic plan sets forth a reasonable basis to indicate a reasonable probability of success and profitability.
(4) Whether the proposed executive officers and directors as a group, have sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed credit union will be free from improper or unlawful influence and otherwise will operate in compliance with law.
(5) Whether the proposed name of the proposed credit union is likely to mislead the public as to its character or purpose or is the same as a name already adopted by an existing credit union in this state, or so similar thereto as to be likely to mislead the public.
(6) Whether the deposits and shares of members of the credit union will be insured by the National Credit Union Administration or other insurance fund deemed acceptable by the commissioner.
(7) Any other factor relevant to the type of credit union being proposed, as the commissioner may determine.
(e)(1) The commissioner may require a background investigation and criminal history records check on the organizer, directors, and executive officers.
(2) If required by the commissioner, the persons described in subsection (1) hereof shall submit to the department a criminal history records release form, as provided by the New Hampshire department of safety, division of state police, which authorizes the release of the person's criminal records, if any, and a complete set of fingerprints taken by a qualified law enforcement agency or an authorized employee of the department. In the event that the first set of fingerprints is invalid due to insufficient pattern, a second set of fingerprints may be necessary in order to complete the criminal history records check. If, after 2 attempts, a set of fingerprints is invalid due to insufficient pattern, the department may, in lieu of the criminal history records check, accept police clearances from every city, town, or county where the person has lived during the past 5 years.
(3) The commissioner shall submit the criminal history records release form to the division of state police which shall conduct a criminal history records check through its records and through the Federal Bureau of Investigation. Upon completion of the background investigation, the division of state police shall release copies of the criminal conviction records to the department. The department shall maintain the confidentiality of all criminal history records information received under this subsection.
(4) The commissioner may require the organizer to pay the actual costs of each background investigation and criminal history records check.
(f) All documents and communications submitted in connection with an application, which are classified as confidential under RSA 383:10-b, and all records of investigations and reports of examinations by the department related to the application shall be treated as confidential and subject to RSA 383:10-b.
Source. 2015, 272:16, eff. Oct. 1, 2015. 2018, 318:31, eff. Aug. 24, 2018.