(a) Additional activities.- Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage.
(b) Scope of authority.- The Commissioner may grant an approval under this section only if:
(1) The Commissioner determines that approval:
(i) Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or
(ii) Is not detrimental to the public interest or to credit unions; and
(2) The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions.
(a) Additional activities.- Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage.
(b) Scope of authority.- The Commissioner may grant an approval under this section only if:
(1) The Commissioner determines that approval:
(i) Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or
(ii) Is not detrimental to the public interest or to credit unions; and
(2) The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions.
(a) Additional activities.- Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage.
(b) Scope of authority.- The Commissioner may grant an approval under this section only if:
(1) The Commissioner determines that approval:
(i) Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or
(ii) Is not detrimental to the public interest or to credit unions; and
(2) The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions.
