7-1-635.1. Out-of-state credit unions.

A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union:#

1. (1)

   Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state;#

2. (2)

   Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and#

3. (3)

   Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.#

The out-of-state credit union must agree to:#

1. (1)

   Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia;#

2. (2)

   Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and#

3. (3)

   Designate and maintain an agent for the service of process in this state.#

The department may examine the operations of any out-of-state credit union for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this chapter and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.#

The department may enter into cooperative and reciprocal agreements with the credit union regulatory authority of any government for the periodic examination of credit union offices and facilities of any kind located within this state and may accept reports from such authorities in lieu of conducting its own examination for compliance with the laws of this state.#

A credit union which is approved under this Code section shall be exempt from the requirements of Article 15 of Chapter 3 of Title 14.#