N.H. Admin. Code § Ban 1107.02 - Expanding the Qualifications for Membership
(a) An application
seeking to amend bylaws by expanding the qualifications for membership shall
provide parameters limiting the qualifications so that the membership is no
larger than:
(1) Individuals who live, work,
worship, or attend school in the state of New Hampshire; or
(2) Individuals who are part of a clearly
defined group or located in a particular geographic area.
(b) An application seeking to expand the
qualifications for membership under (a)(2) above that expands the field of
membership to individuals living outside the state of New Hampshire shall
include a letter approving the expansion from the state regulator where the new
members live.
(c) An application
seeking to amend bylaws for qualifications for membership shall include a
business plan demonstrating the credit union's ability to serve the membership
and include:
(1) The benefit to the state
credit union of the change in qualifications for membership;
(2) A plan for delivery of services to the
new membership;
(3) A procedure to
verify individuals meet the requirements of qualifications for membership;
and
(4) A demonstration of the
state credit union's financial ability to complete the plan.
(d) An application for changes to
qualifications for membership shall be posted 30 days prior to the change on
the department website.
(e) Within
30 days of publication on the department website, any party may notify the
commissioner of its interest in the application.
(f) Communications provided to the
commissioner under (e) above regarding a state credit union's application to
enlarge its field of membership shall be:
(1)
In writing; and
(2) Received by the
department prior to the conclusion of the 30-day notice period.
(g) A public hearing on the
application shall be held if the information submitted pursuant to (c) above is
insufficient upon which to base the commissioner's decision.
(h) An application to amend the bylaws to
change the qualifications for membership shall be approved after:
(1) Consideration of comments received or
testimony provided during a public hearing if one is held; and
(2) The commissioner finds that the proposed
amendments comply with the applicable provisions of RSA 383-A and RSA 383-E and
the state credit union is able to serve the proposed membership in accordance
with the business plan provided in (c).
Notes
#10524, eff 2-20-14
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