(1) No credit union, except credit unions organized under the laws of the United States or under this chapter, shall do business in this state until it has received approval from the Commissioner of the Department of Banking and Consumer Finance.

(2) The commissioner may approve the operation of such a credit union in this state after finding that:

(a) The field of membership to be served by such credit union is not now being adequately served;

(b) There is a need for such credit union to conduct business in the state to adequately serve its members and not merely to solicit new membership;

(c) The credit union is financially solvent;

(d) The credit union’s accounts are insured by the National Credit Union Administration or its successor; and

(e) The credit union has executed an agreement with the commissioner to:

(i) Submit a copy of its annual regulatory examination report;

(ii) Designate a resident agent;

(iii) Inform members that it is not regulated, insured or supervised by the State of Mississippi; and

(iv) Agree to fully comply with the provisions of the Mississippi credit union laws, rules and regulations.

(3) The commissioner may prohibit any such credit union from doing business within the state, or disapprove an application, or suspend or revoke one previously issued, if he finds the credit union not conforming to Mississippi credit union laws, rules and regulations, or finds that twenty-five percent (25%) or more of the credit union’s members are, or are expected to be residents of Mississippi.