State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-1725_01

21-1725.01. New credit union; branch creditunion; application; procedure; hearing.(1) Upon receivingan application to establish a new credit union, a public hearing shall beheld on each application. Notice of the filing of the application shall bepublished by the department for three weeks in a legal newspaper publishedin or of general circulation in the county where the applicant proposes tooperate the credit union. The date for hearing the application shall be notless than thirty days after the last publication of notice of hearing andnot more than ninety days after filing the application unless the applicantagrees to a later date. Notice of the filing of the application shall be sentby the department to all financial institutions located in the county wherethe applicant proposes to operate.(2) When application is made to establish a branch of a credit union,the director shall hold a hearing on the matter if he or she determines, inhis or her discretion, that the condition of the applicant credit union warrantsa hearing. If the director determines that the condition of the credit uniondoes not warrant a hearing, the director shall (a) publish a notice of thefiling of the application in a newspaper of general circulation in the countywhere the proposed branch would be located and (b) give notice of such applicationto all financial institutions located within the county where the proposedcredit union branch would be located and to such other interested partiesas the director may determine. If the director receives any substantive objectionto the proposed credit union branch within fifteen days after publicationof such notice, he or she shall hold a hearing on the application. Noticeof a hearing held pursuant to this subsection shall be published for two consecutiveweeks in a newspaper of general circulation in the county where the proposedbranch would be located. The date for hearing the application shall be notless than thirty days after the last publication of notice of hearing andnot more than ninety days after the filing of the application unless the applicantagrees to a later date.(3) The director may, in his or her discretion, hold a public hearingon amendments to a credit union's articles of association or bylaws whichare brought before the department.(4) The director shall send any notice to financial institutions requiredby this section by first-classmail, postage prepaid, or electronic mail. Electronic mail maybe used if the financial institution agrees in advance to receive such noticesby electronic mail. A financialinstitution may designate one office for receipt of any such notice if ithas more than one office located within the county where such notice is tobe sent or a main office in a county other than the county where such noticeis to be sent.(5) The expense of any publication and mailing required by this section shallbe paid by the applicant. SourceLaws 2002, LB 957, § 17; Laws 2003, LB 217, § 30; Laws 2005, LB 533, § 30; Laws 2010, LB890, § 13.Operative Date: July 15, 2010