(1) Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required.

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(2) A civil penalty in an amount to be established by rule of the director, but not to exceed $1,000 for each day a report is in arrears shall be levied against the offending credit union unless it is excused for cause by the director. [1975 c.652 § 12; 1991 c.635 § 2; 1999 c.185 § 7; 2011 c.597 § 292]

[Amended by 1971 c.681 § 3; repealed by 1975 c.652 § 88]