KRS 286.6-100: Supervision by commissioner -- Financial reports -- Examination --

Fees.

(1) Credit unions shall:

(a) Be under the supervision of the commissioner;

(b) File financial reports with the commissioner as specified by administrative

regulation, but no less frequently than annually;

(c) Be subject to examination by any person designated by the

commissioner; and

(d) Pay the following fees to the commissioner:

1. For each credit union subject to supervision and examination by the

commissioner, there shall be an annual fee based on the assets of

the credit union, as reported to the department by the credit union as

of December 31 of the previous year. The fee schedule shall be:

a. At the rates necessary to carry out the duties of the

department;

b. Reasonably related to the costs incurred by the department in

regulating credit unions; and

c. Set by the commissioner by promulgating an administrative

regulation; and

2. Any fees for extraordinary services performed by the department for

a particular credit union. Fees assessed pursuant to this

subparagraph shall be determined upon the basis of fair

compensation for time and actual expense.

(2) In lieu of the examination provided for in this section, the commissioner may

accept any examination made by the National Credit Union Administration.

One (1) copy of the examination report shall be promptly submitted to the

commissioner for processing and analysis by the department.

(3) When, in the judgment of the commissioner, the condition of any credit union

organized under the provisions of this subtitle renders it necessary or

expedient to make an examination or to devote any extraordinary attention to

its affairs, the commissioner shall cause that work to be done. A full and

complete copy of the report of all examinations shall be furnished to the credit

union so examined. The report of examination shall be presented by the

president of the credit union to the board of directors at its next regular or

special meeting.