KRS 286.6-065: Out-of-state credit unions.

(1) A credit union organized in another state may conduct business as a credit union in

this state with the approval of the commissioner. The commissioner shall find that

the out-of-state credit union:

(a) Is a credit union organized under laws similar to this subtitle;

(b) Is financially solvent;

(c) Has account insurance comparable to that required for credit unions

incorporated under this subtitle;

(d) Is effectively examined and supervised by the supervisory authority of the

state in which it is organized; and

(e) Needs to conduct business in this state to adequately serve its members in this

state.

(2) The out-of-state credit union shall agree to:

(a) Grant loans at rates not in excess of the rates permitted for credit unions

incorporated under this subtitle;

(b) Comply with the same consumer protection provisions that credit unions

incorporated under this subtitle must obey;

(c) Designate and maintain an agent for the service of process in this state; and

(d) Submit copies of reports to the commissioner when requested.

(3) The commissioner may examine the out -of-state credit union or enter into

cooperative or reciprocal agreements with the out -of-state credit union's regulatory

authority for periodic examinations.