How to apply for a credit union charter

(a) Five or more residents of this State who share a common bond may file an application with the commissioner to engage in the business of a credit union. (b) The application shall contain the following information, unless waived by the commissioner: (1) The proposed name of the credit union; (2) Proposed lease agreements for its principal office; (3) The territory in which the proposed credit union will operate; (4) A business plan; (5) Employment history, education, management experience, and other biographical information for all original chartering applicants, and proposed executive officers of the credit union; (6) Proposed policies regarding loans, investments, operations, accounting, recordkeeping, and applicable federal and state consumer laws; (7) Information necessary to conduct a criminal history record check in accordance with section 846-2.7 of each of the original chartering applicants and proposed executive officers of the credit union, accompanied by payment of the applicable fee for each record check to be conducted; and (8) Any other information that the commissioner may require. (c) The application shall be submitted on a form prescribed by the commissioner. The application shall be accompanied by a fee established by section 412:2-105.2, no part of which shall be refundable.