(1)Is a credit union organized and operating under standards recognized as appropriate pursuant to the provisions of this chapter;
(2) Is financially solvent and has an adequate capital structure;
(3) Has account insurance as required for credit unions incorporated under this chapter;
(4) Has a board of directors and supervisory committee with the reputation, character and abilities to provide assurance that the credit union's affairs will be properly administered;
(5) Has in connection with any office of operations in this state made provision for suitable quarters from which to conduct the business of a credit union;
(6) Is examined and supervised by a regulatory agency of the state or territory in which it is organized; and
(7) Needs to conduct business in this state to adequately serve its members in this state.
(b) No out-of-state credit union may conduct business in this state unless it:
(1) Complies with the limits on finance charges applicable to credit unions set forth in section two, article seven of this chapter when making loans in this state;
(2) Complies with the consumer protection statutes and rules applicable to credit unions incorporated under this chapter;
(3) Agrees to furnish the commissioner a copy of the report of examination of its regulatory agency, and if deemed necessary by the commissioner, to submit to an examination by the commissioner, the cost of which shall be paid for by the credit union; and
(4) Designates and maintains an agent for the service of process in this state.
(c) The commissioner may revoke the approval of a credit union to conduct business in this state if the commissioner finds that:
(1) The credit union no longer meets the requirements of subsection (a) of this section;
(2) The credit union has violated the laws of this state or lawful rules or orders issued by the commissioner;
(3) The credit union has engaged in a pattern of unsafe or unsound credit union practices; or
(4) Continued operation by the credit union is likely to have a substantially adverse impact on the financial, economic or other interests of residents of this state.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.