{"data":{"id":"us-ky/krs-286.6-405","jurisdiction":"us-ky","citation":"KRS 286.6-405","heading":"Credit union insurance on shares and deposits.","body":"(1) Not later than December 31, 1984, a credit union shall apply for insurance on shares\nand deposits as provided by the national credit union administration under Title II of\nthe Federal Credit Union Act (12 U.S.C. secs. 1781 et seq.), or alternatively, a for m\nof comparable insurance approved by the commissioner. This requirement does not\napply to a credit union with debt and equity capital consisting primarily of funds\nfrom other credit unions.\n(2) A credit union which has been denied a commitment for such insurance shall within\nthirty (30) days commence steps to either liquidate, or merge with an insured credit\nunion, or apply in writing to the commissioner for additional time to obtain an\ninsurance commitment. The commissioner may grant one (1) or more exten sions of\ntime to obtain the insurance commitment upon satisfactory evidence that the credit\nunion has made or is making substantial effort to achieve the conditions precedent\nto issuance of the commitment.\n(3) No credit union shall be granted a charter by the commissioner unless such credit\nunion has obtained a commitment for insurance of its member share and deposit\naccounts.\n(4) The commissioner may make available reports of condition and examination\nfindings to the National Credit Union Administration or  to any qualified insuring\norganization and may accept any report of examination made on behalf of such\nagency or organizations. The commissioner may appoint an official of the National\nCredit Union Administration or of any qualified insuring organization as liquidating\nagent of an insured credit union.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14799","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:13Z","sha256":"26e0f059521a22f4a2fa2db1c38effb1391a25b567eb9e11aa8c017a36ce0549","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.6-395","next":"us-ky/krs-286.6-415"},"notice":"GroundRules: Original legal text. Not legal advice."}