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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.6-100.Supervision by commissioner; financial reports; examination; fees

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Credit unions shall:

(a) Be under the supervision of the commissioner;

(b) File financial reports with the commissioner as specified by administrative regulation, but no less frequently than annually;

(c) Be subject to examination by any person designated by the commissioner; and

(d) Pay the following fees to the commissioner:

1. For each credit union subject to supervision and examination by the commissioner, there shall be an annual fee based on the assets of the credit union, as reported to the department by the credit union as of December 31 of the previous year. The fee schedule shall be:

a. At the rates necessary to carry out the duties of the department;

b. Reasonably related to the costs incurred by the department in regulating credit unions; and

c. Set by the commissioner by promulgating an administrative regulation; and

2. Any fees for extraordinary services performed by the department for a particular credit union. Fees assessed pursuant to this subparagraph shall be determined upon the basis of fair compensation for time and actual expense.

(2) In lieu of the examination provided for in this section, the commissioner may accept any examination made by the National Credit Union Administration. One (1) copy of the examination report shall be promptly submitted to the commissioner for processing and analysis by the department.

(3) When, in the judgment of the commissioner, the condition of any credit union organized under the provisions of this subtitle renders it necessary or expedient to make an examination or to devote any extraordinary attention to its affairs, the commissioner shall cause that work to be done. A full and complete copy of the report of all examinations shall be furnished to the credit union so examined. The report of examination shall be presented by the president of the credit union to the board of directors at its next regular or special meeting.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.6-100.Supervision by commissioner; financial reports; examination; fees - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-286-6-100/

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