(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.
Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(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.
