(A) A credit union not organized under the laws of this state or of the United States may conduct business as a credit union in this state only with the approval of the State Credit Union Board and upon receiving a certificate from the Secretary of State in compliance with Section 1130 of Title 18 of the Oklahoma Statutes, provided credit unions incorporated under the laws of this state are allowed to conduct business in another state under conditions similar to these provisions. Before granting the approval, the State Credit Union Board must find that the out-of-state credit union:

(1) Is a credit union organized under laws similar to the laws of this state;

(2) Is financially solvent;

(3) Has share and deposit account insurance with the National Credit Union Administration to the extent provided by federal law;

(4) Is examined and supervised by a regulatory agency of the state in which it is organized;

(5) Needs to conduct business in this state to adequately serve its members in this state; and

(6) Does not have a field of membership that will materially and substantially overlap the field of membership of a credit union organized under the laws of this state or permitted to conduct business in this state.

(B) No credit union organized under the laws of a state other than this state may conduct business in this state unless:

(1) Such credit union charges interest in compliance with the laws of this state when making loans in this state;

(2) Such credit union complies with the consumer protection statutes and rules applicable to credit unions incorporated or organized under the laws of this state; and

(3) Such credit union's most recent report of examination by its regulatory agency is furnished to the Administrator or such credit union agrees to submit to an examination by the Bank Commissioner or Administrator.

(C) The State Credit Union Board may revoke the approval of a credit union to conduct business in this state if it finds that:

(1) The credit union no longer meets the requirements of subsection (A) of this section;

(2) The credit union has violated the laws of this state or lawful rules or orders issued by the State Credit Union Board or the Bank Commissioner;

(3) The credit union has engaged in a pattern of unsafe or unsound credit union practices; or

(4) Continued operation by the credit union is likely to have a substantially adverse impact on the financial, economic or other interests of residents of this state.

(D) In the event of revocation as provided in subsection (C) of this section, the Secretary of State shall cancel the certificate of domestication of the credit union.

Added by Laws 1992, c. 90, § 6, eff. July 1, 1992.