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S.B. 776
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VETOES
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7-206.
(A) (1) TO APPLY FOR A CERTIFICATE OF AUTHORITY, AN APPLICANT SHALL
SIGN AND SUBMIT TO THE COMMISSIONER AN APPLICATION MADE UNDER OATH ON
THE FORM THAT THE COMMISSIONER REQUIRES.
(2) THE APPLICATION SHALL INCLUDE:
(I) THE APPLICANTS CORPORATE NAME, BUSINESS ADDRESS, AND
ANY TRADE NAMES UNDER WHICH THE APPLICANT CONDUCTS BUSINESS;
(II) THE NAME AND BUSINESS ADDRESS OF EACH OF THE
APPLICANT'S OFFICERS AND DIRECTORS;
(III) THE ADDRESS AT WHICH THE BUSINESS IS TO BE CONDUCTED;
(IV) THE NAME AND ADDRESS OF THE APPLICANT'S PROPOSED
RESIDENT AGENT IN THE STATE; AND
(V) ANY OTHER INFORMATION THAT THE COMMISSIONER
REASONABLY REQUIRES.
(B) WITH THE APPLICATION, THE APPLICANT SHALL SUBMIT:
(1) A CERTIFIED COPY OF ITS ARTICLES OF INCORPORATION WITH ALL
AMENDMENTS;
(2) A CERTIFIED COPY OF ITS BYLAWS WITH ALL AMENDMENTS;
(3) A COPY OF THE APPLICANT'S ANNUAL FINANCIAL STATEMENTS AS
OF THE IMMEDIATELY PRECEDING DECEMBER 31, PREPARED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND AUDITED AND CERTIFIED BY
AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT;
(4) IF DOMICILED OUTSIDE THE STATE, A COPY OF THE APPLICANT'S
MOST RECENT REPORT OF EXAMINATION, IF ANY, MADE BY THE RESPONSIBLE
SUPERVISORY OFFICIAL IN ITS STATE OF DOMICILE;
(5) IF DOMICILED OUTSIDE THE STATE, CERTIFICATION BY THE
RESPONSIBLE SUPERVISORY OFFICIAL IN ITS STATE OF DOMICILE SHOWING THAT
THE APPLICANT IS AUTHORIZED TO ENGAGE IN THE CREDIT UNION SHARE
GUARANTY BUSINESS IN THAT STATE;
(6) A COPY OF THE APPLICANT'S CURRENT STANDARD WRITTEN
CONTRACT WITH PARTICIPATING CREDIT UNIONS CONTAINING THE RIGHTS AND
OBLIGATIONS OF THE PARTIES; AND
(7) ANY OTHER INFORMATION AND DOCUMENTS THAT THE
COMMISSIONER REASONABLY REQUIRES.'
(C) WITH THE APPLICATION, THE APPLICANT SHALL PAY TO THE
COMMISSIONER A NONREFUNDABLE APPLICATION FEE OF $5,000.
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- 4888 -
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