§412:7-201  Powers granted underfederal law.  (a)  In this section "federal power" means anyactivity, right, privilege, or immunity granted to a federal savings and loanassociation under any federal statute, rule, regulation, interpretation orcourt decision.

(b)  Any savings and loan association desiringto acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule,regulation, interpretation or court decision, the extent of the federal powerdesired, the reasons for the application, and any other information requestedby the commissioner.  The commissioner may by rule prescribe the form ofapplication and 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 savings and loan associations may file an application ifthey desire the same federal power, but approval of any application need not begranted.  Any federal power granted pursuant to this section is in addition to,and not in limitation of, any other provision of this chapter, and the federalpower may be exercised notwithstanding any other provision in 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 savings and loan association hasviolated any conditions imposed in connection with the grant of power; or

(2)  The savings and loan association has not begun toexercise such power 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 under subsections (d) or (e) shall be taken only after thecommissioner has given the savings and loan association notice of the proposedaction and an opportunity to be heard. [L 1993, c 350, pt of §1]