1. (a) A credit union may establish a branch in the State in accordance with the provisions of this section.

2. (b)

   1. (1) A credit union that proposes to establish a branch in the State shall:

      1. (i) File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;
      2. (ii) Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and
      3. (iii) Pay to the Commissioner a branch fee of $100.
   2. (2) The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.

3. (c) In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:

   1. (1) The establishment of the branch will promote the convenience of the members of the credit union;
   2. (2) The applicant has sufficient net worth to support the branch; and
   3. (3) The applicant generally is operating in compliance with the provisions of this title.

4. (d)

   1. (1) The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.
   2. (2) The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.