1. (a) The commissioner shall determine whether or not an application is complete within 30 days of its receipt and provide written notice of the determination. The notice shall provide with reasonable specificity any deficiencies in the application.
2. (b) Notice of complete applications to incorporate shall be published in the department's first newsletter subsequent to a complete submission. The published notice shall describe the proposed field of membership for each application.
3. (c) If no protest is filed, the commissioner shall approve the application upon being satisfied that the credit union, its incorporators and board of directors meet the requirements of the Act, §2.03(d).
4. (d) If no protest is filed and the commissioner is not satisfied that the application for incorporation should be approved, the commissioner shall serve by first class mail a preliminary written order denying the application.
5. (e) The commissioner shall additionally consider the extent and effect of overlapping fields of membership on the applicant and existing state or federal credit unions. The commissioner may require the applicant to limit or eliminate the overlap to achieve the purposes of the Act and promote the welfare and stability of the applicant and existing state or federal credit unions. The commissioner's preliminary decision shall be in writing and served by first class mail.

Source Note:The provisions of this §91.203 adopted to be effective March 8, 1984, 9 TexReg 1150; amended to be effective June 29, 1988, 13 TexReg 3017; amended to be effective September 6, 1989, 14 TexReg 4304; amended to be effective July 8, 1994, 19 TexReg 4924.