§ 6-313. Powers authorized by federal law

   (a) Additional activities. -- Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage.

(b) Scope of authority. -- The Commissioner may grant an approval under this section only if:

   (1) The Commissioner determines that approval:

      (i) Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or

      (ii) Is not detrimental to the public interest or to credit unions; and

   (2) The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions.

HISTORY: An. Code 1957, art. 11, § 141A; 1980, ch. 33, § 2; 1986, ch. 778; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1.