31.12.408  <<  31.12.413 >>   31.12.416

Low-income credit unionsDirector's approval requiredPowersRules.

(1) A credit union may apply in writing to the director for designation as a low-income credit union. To qualify for approval of this designation, the credit union must provide evidence satisfactory to the director that at least fifty percent of a substantial and well-defined segment of the credit union's members or potential primary members are low-income members.
(2) Among other powers and authorities, a low-income credit union may:
(a) Issue secondary capital accounts approved in advance by the director upon application of the credit union; and
(b) Accept and maintain shares and deposits from nonmembers.
(3) The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.
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