Current through Supplement No. 392, April, 2024
1. A state credit
union, upon being granted authority under section 13-03-23-03, and complying
with all applicable state licensing requirements, may invest in those credit
union service organizations or subsidiary credit union service organizaitons
that provide one or more of the following services and activities:
a. Checking and currency services:
(1) Check cashing;
(2) Coin and currency services;
(3) Money order, savings bonds, travelers
checks; and purchase and sale of United States mint commemorative coins
services; and
(4) Stored value
products;
b. Clerical,
professional, and management services:
(1)
Accounting services;
(2) Courier
services;
(3) Credit
analysis;
(4) Facsimile
transmissions and copying services;
(5) Internal audits for credit
unions;
(6) Locator
services;
(7) Management and
personnel training and support;
(8)
Marketing services;
(9) Research
services;
(10) Supervisory
committee audits; and
(11) Employee
leasing services;
c.
Business loan origination, including the authority to buy and sell
participation interests in such loans;
d. Consumer mortgage loan origination,
including the authority to buy and sell participation interests in such
loans;
e. Electronic transaction
services:
(1) Automated teller machine
services;
(2) Credit card and debit
card services;
(3) Data
processing;
(4) Electronic fund
transfer services;
(5) Electronic
income tax filing;
(6) Payment item
processing;
(7) Wire transfer
services; and
(8) Cyber financial
services;
f. Financial
counseling services:
(1) Developing and
administering individual retirement accounts and Keogh, deferred compensation,
and other personnel benefit plans;
(2) Estate planning;
(3) Financial planning and
counseling;
(4) Income tax
preparation;
(5) Investment
counseling;
(6) Retirement
counseling; and
(7) Business
counseling and consultant services;
g. Fixed asset services:
(1) Management, development, sale, or lease
of fixed assets; and
(2) Sale,
lease, or servicing of computer hardware or software;
h. Insurance brokerage or agency:
(1) Agency for sale of insurance;
(2) Provision of vehicle warranty
programs;
(3) Provision of group
purchasing programs; and
(4) Real
estate settlement services;
i. Leasing:
(1) Personal property; and
(2) Real estate leasing of excess credit
union service organizations property;
j. Loan support services:
(1) Debt collection services;
(2) Loan processing, servicing, and
sales;
(3) Sale of repossessed
collateral;
(4) Real estate
settlement services;
(5) Purchase
and servicing of nonperforming loans; and
(6) Referral and processing of loan
applications for members whose loan applications have been denied by the credit
union;
k. Record
retention, security, and disaster recovery services:
(1) Alarm-monitoring and other security
services;
(2) Disaster recovery
services;
(3) Microfilm,
microfiche, optical and electronic imaging, and CD-ROM data storage and
retrieval services;
(4) Provision
of forms and supplies; and
(5)
Record retention and storage;
l. Securities brokerage services;
m. Shared credit union branch (service
center) operations;
n. Student loan
origination, including the authority to buy and sell participation interests in
such loans;
o. Travel agency
services;
p. Trust and
trust-related services:
(1) Acting as
administrator for prepaid legal service plans;
(2) Acting as trustee, guardian, conservator,
estate administrator, or in any other fiduciary capacity; and
(3) Trust services;
q. Real estate brokerage services;
r. Credit union service organization
investments in noncredit union service organization service providers:in
connection with providing a permissible service, a credit union service
organization or subsidiary credit union service organization may invest in a
noncredit union service organization service provider. The amount of the credit
union service organization's investment is limited to the amount necessary to
participate in the service provider, or a greater amount if necessary to
receive a reduced price for goods and services;
s. Credit card loan origination;
and
t. Payroll processing services.
If a credit union service organization or subsidiary credit
union service organization intends on offering any services and activities not
previously authorized under an application submitted in accordance with section 13-03-23-03, the credit union shall notify the commissioner at least twenty
days prior to any change of operations.
2. The board may issue an order approving any
service or activity which is not expressly authorized in subsection
1.
3. Based upon supervisory,
legal, or safety and soundness reasons, the board or commissioner may at any
time limit any of the credit union service organization or subsidiary credit
union service organizations activities expressly listed in subsection 1 or
adopted by the board under subsection 2.
4. The board in granting approval for a
service or activity shall consider all relevant factors, including:
a. Whether the credit union service
organization or subsidiary credit union service organizations management or
staff possesses adequate expertise or skills to perform the service or
activity; and
b. Whether the
proposed activity or service is reasonably expected to be profitable.
