1. (a) An application to incorporate a credit union shall be in writing and supported by such information and data as the commissioner may require to make the findings necessary for the issuance of a certificate of incorporation.
2. (b) The commissioner shall determine whether or not an application is complete within thirty days of its receipt and provide written notice of the determination. If the application is deemed incomplete, the notice shall provide with reasonable specificity the deficiencies in the application.
3. (c) Upon the determination that an application is complete, the commissioner shall make or cause to be made an investigation and examination of the facts concerning the applicant. It is essential that the investigation and examination confirm to the satisfaction of the commissioner that the proposed institution will have a reasonable opportunity to succeed.

4. (d) Proposed credit unions must investigate the possibility of an overlap with existing state or federal credit unions doing business in this state prior to submitting an application. When an overlap situation does arise, officials of the involved entities must attempt to resolve the overlap issue. Typically, an overlap will not be considered adverse to the overlapped credit union if:

   1. (1) the group has 300 or less primary potential members or the overlap is otherwise incidental in nature;
   2. (2) the overlapped credit union does not object to the overlap;
   3. (3) there is limited participation by members or employees of the group in the original credit union after the expiration of a reasonable period of time; or
   4. (4) a single occupational or associational based credit union overlaps a community chartered credit union.
5. (e) When the applicant and a credit union agree and/or the commissioner has determined that overlap protection is appropriate, an exclusionary clause will be included in the proposed field of membership for a period of 24 months from the date the proposed credit union commences business. The commissioner, for good cause shown, may extend this period for an additional 24 months.
6. (f) The commissioner may approve the application conditioned upon specific requirements being met, but the certificate of incorporation shall not be issued unless such conditions have been meet within the time specified in the approval order or any extension as set forth in Finance Code §122.006.

Source Note:The provisions of this §91.201 adopted to be effective May 11, 2000, 25 TexReg 3945.