§412:10-201  Powers granted under federallaw.  (a)  In this section "federal power" means any activity,right, privilege, or immunity granted to a federal credit union under anyfederal statute, rule, regulation, interpretation or court decision.

(b)  Any credit union desiring to acquire anyfederal power, shall file an application with the commissioner.  Theapplication shall indicate the applicable federal statute, rule, regulation,interpretation or court decision, the extent of the federal power desired, thereasons for the application, and any other information requested by thecommissioner.  The commissioner may by rule prescribe the form of applicationand application filing fees.

(c)  If the commissioner is satisfied that thepower should be granted, the commissioner shall issue a written approval of theapplication, subject to such terms and conditions as the commissioner deemsappropriate.  Other credit unions may file an application if they desire thesame federal power, but approval of any application need not be granted.  Anyfederal power granted pursuant to this section is in addition to, and not inlimitation of, any other provision of this chapter, and the federal power maybe exercised notwithstanding any other provision of this chapter.

(d)  If any federal power is terminated ormodified, the commissioner may terminate or make a similar modification to anycorresponding power granted under this section.

(e)  The commissioner may suspend or revoke anyfederal power granted under this section or under previous law if thecommissioner finds:

(1)  That the credit union has violated any conditionsimposed in connection with the grant of power; or

(2)  The credit union has not begun to exercise suchpower within one year of the date it was granted.

(f)  The commissioner shall retain jurisdictionover the enforcement of any power granted under this section or under previouslaw.  Any action taken under subsections (d) or (e) shall be taken only afterthe commissioner has given the credit union notice of the proposed action andan opportunity to be heard. [L 1993, c 350, pt of §1]