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Rules & Regulations

Section 6.        Share Insurance

II.   Application

A.      No corporation shall guarantee to a credit union payment of a credit union share account of an individual member of a credit union or otherwise issue or effect credit union share guaranty insurance until that corporation is approved by the Administrator;

B.      All applications sent to the Administrator's office must be accompanied by a filing fee in the amount of $5,000;

C.      Only completed applications will be given the full consideration of the Administrator. A “completed” application manifests a strict compliance with all of the aforementioned prequalifications, and is accompanied by the $5,000 filing fee.

D.      In addition to the prequalification criteria set forth above, the Administrator may scrutinize such other applicant information as he deems appropriate; including, but not limited to, shown expertise in insuring financial institutions;

E.      The Administrator shall approve or disapprove the application under this section by written order issued within one hundred and eighty (180) days of receipt of the application.

1.   The Administrator shall have the right to examine the books and records of the credit union share guaranty corporation as part of the approval process. The corporation shall be assessed the reasonable costs of such an examination. Such examination fee may include the costs of engaging professionals to satisfactorily perform and complete the examination.

2.   In disapproving an application, the Administrator may not act in an arbitrary or capricious manner or fail to comply with applicable laws.

3.   If the Administrator disapproves an application, good cause must be shown for such disapproval.



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