                                 CODE OF VIRGINIA

OUT-OF-STATE CREDIT UNIONS (§ 6.2-1379)

A. A credit union organized and doing business in another state may conduct
business as a credit union in the Commonwealth with the approval of the
Commission. The Commission shall grant such approval if it shall find that the
out-of-state credit union:

   1. Is a credit union duly organized under the laws of another state that would
   allow credit unions organized in the Commonwealth to conduct business in that
   state;

   2. Has share insurance for its members;

   3. Reasonably needs to establish a place of business in the Commonwealth to
   adequately serve its members in the Commonwealth;

   4. Is examined and supervised by the supervisory authority of the state in
   which the out-of-state credit union is organized; and

   5. Has filed an application with the Commission to conduct such business.

B. The out-of-state credit union shall:

   1. Grant loans at rates of interest not in excess of the rates permitted for
   credit unions organized under the laws of the Commonwealth;

   2. Comply with the same consumer protection provisions that credit unions
   organized under the laws of the Commonwealth are required to obey;

   3. Designate and maintain a registered agent in the Commonwealth;

   4. Submit all examination reports from its supervisory agency to the
   Commission;

   5. Have any insurer of shares designate an agent for service of process and
   agree that in the absence of such designation service may be upon the clerk of
   the Commission;

   6. Inform the members of the credit union who use any facility authorized
   pursuant to this section of the state where the organization, supervision, and
   share insurance of the credit union are, and of the fact that it is not
   regulated, supervised, or insured by any agency of the Commonwealth; and

   7. Comply with &#xA7; 6.2-1326.

C. Credit unions organized in the Commonwealth may establish offices outside the
Commonwealth upon approval of the Commission.

D. The Commission may suspend or revoke the authority of an out-of-state credit
union to do business in the Commonwealth if the Commission finds that such
credit union is not in compliance with the requirements of this section.

HISTORY: 1985, c. 552, § 6.1-208.6; 1990, c. 373, § 6.1-225.61; 1993, c. 59;
2010, c. 794.