{"data":{"id":"us-nc/n.c.-gen.-stat.-54-109.106","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 54-109.106","heading":"Foreign Credit Unions.","body":"(a)\tA credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this State with the approval of the Administrator, provided credit unions incorporated under Articles 14A through 14M of this Chapter are allowed to do business in the other state under conditions similar to these provisions. Before granting the approval, the Administrator must find that the foreign credit union:\n(1)\tIs a credit union organized under laws similar to Articles 14A through 14M of this Chapter;\n(2)\tIs financially solvent;\n(3)\tHas account insurance through the federal government or any agency thereof;\n(4)\tIs examined and supervised by a regulatory agency of the state in which it is organized;\n(5)\tWill serve a field of membership not being served in this State or to adequately serve its members in this State;\n(6)\tOperation by the credit union will not have adverse impact on the financial, economic or other interests of residents of this State.\n(b)\tNo foreign credit union may conduct business in this State unless it:\n(1)\tMakes loans at such terms allowed under the provisions of Article 14G of this Chapter;\n(2)\tComplies with the rules and regulations applicable to credit unions incorporated under Articles 14A through 14M of this Chapter;\n(3)\tAgrees to furnish the Administrator a copy of the report of examination of its regulatory agency and such other documents or reports as may be requested or to submit to an examination as the Administrator deems necessary;\n(4)\tDesignates and maintains an agent for the service of process in this State.\n(c)\tThe Administrator may deny or revoke approval of a credit union to conduct business in this State if the Administrator finds that:\n(1)\tThe credit union fails to meet the requirements of subsection (a);\n(2)\tThe credit union fails to comply with the laws of this State or lawful rules or orders issued by the Administrator;\n(3)\tThe credit union has engaged in a pattern of unsafe or unsound credit union practices. (1991, c. 271.)","path":["Chapter 54. Cooperative Organizations.","SUBCHAPTER III. CREDIT UNIONS.","Article 14N. Foreign Credit Unions."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_54/GS_54-109.106.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:32Z","sha256":"400a5fe22faca0ccc466421d6b04b667b5f7dcd6b728f79f8eb910bf1474c73f","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-54-109.105","next":"us-nc/n.c.-gen.-stat.-54-110"},"notice":"GroundRules: Original legal text. Not legal advice."}