New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 1 - LOW-INCOME CREDIT UNIONS
Section 3:21-1.2 - Application for designation as a low-income credit union
Universal Citation: NJ Admin Code 3:21-1.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A credit union may apply to the Commissioner for designation as a low-income credit union pursuant to this subchapter.
(b) An applicant shall submit the following to the Department:
1. A completed
application, the form of which may be prescribed by the Commissioner;
2. Sufficient evidence to allow the
Commissioner to determine whether the applicant meets the criteria set forth in
(c) below; and
3. An application
fee of $ 50.00 if the applicant is an existing credit union seeking
designation, but no fee other than an incorporation application fee of $ 50.00
shall be charged to a credit union seeking designation as a part of its
incorporation application; and
4.
Such other information as the Commissioner may require.
(c) The Commissioner shall approve an applicant for designation as a LICU:
1. In the
case of an existing credit union, whose members are predominantly low-income;
or
2. In the case of an entity
which has submitted or which intends to submit an application for a State
charter for a credit union, which is located in a well-defined neighborhood,
community, or rural geographical area, recognized as distinct by residents and
populated predominantly by low-income residents.
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