§ 6-807. State branches

   (a) Authorized. -- A credit union may establish a branch in the State in accordance with the provisions of this section.

(b) Requirements. --

   (1) A credit union that proposes to establish a branch in the State shall:

      (i) File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;

      (ii) Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and

      (iii) Pay to the Commissioner a branch fee of $ 100.

   (2) The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.

(c) Approval. -- In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:

   (1) The establishment of the branch will promote the convenience of the members of the credit union;

   (2) The applicant has sufficient net worth to support the branch; and

   (3) The applicant generally is operating in compliance with the provisions of this title.

(d) (1) The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.

   (2) The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.

HISTORY: 2001, ch. 147, § 1; ch. 148, § 1.