Title XXXV, Banks and Banking; Loan Associations; Credit Unions

Within 30 days after the acceptance by a director of a state bank or credit union of his or her election or appointment, the state bank or credit union shall notify the commissioner of the name and residence address of the director who was elected or appointed.

(a) To defray the costs of liquidation of a trust company by the commissioner under RSA 395, a trust company shall pledge to the commissioner cash or securities in accordance with this section. In the event of a liquidation of a trust company under RSA 395 and without regard to a…

Directors and supervisory committee members shall be elected for a term of not less than one year nor more than 3 years, as provided in the bylaws. If the term of the directors or supervisory committee members or both is more than one year, the directors or supervisory committee …

(a) The organizer of a family trust company is exempt from publishing any notice of their application for a family trust company charter. RSA 383-A:3-305(b)(2) shall not apply to the organizer of a family trust company. (b) The commissioner shall not order a hearing in connection…

If a director or member of the credit or supervisory committee of any credit union ceases to be a member of the credit union, his office shall thereupon become vacant.

The board of directors of a state bank or credit union shall elect or appoint a president, a treasurer, a secretary, and the other officers as prescribed in its organizational documents. The officers shall be elected or appointed no less frequently than once every 3 years and sha…

Upon the completion of his or her review of the application, the commissioner shall issue a notice of decision and a charter in accordance with RSA 383-A:3-308(a) or a notice of denial in accordance with RSA 383-A:3-308(b). If the commissioner approves the application, then, in a…

The directors, at their first meeting after the annual meeting of the corporation, shall elect from their own number such officers as are deemed necessary and provided for in the bylaws, who shall be the executive officers of the corporation, and who shall hold office until their…

(a) All of a state bank's powers shall be exercised by or under the authority of its board of directors, and the business and affairs of the state bank shall be managed by or under the direction, and subject to the oversight, of its board of directors, subject to any limitation s…

A family trust company may apply to convert to a trust company that is authorized to transact business with the general public by filing an application for a trust company charter in accordance with article 3 of RSA 383-A. RSA 383-A and RSA 383-C shall govern the application, and…

(a) Subject to its oversight and any limitation set forth in the organizational documents, the board of directors of a state bank may create one or more committees, delegate to each committee any powers and duties that the board of directors deems appropriate, and appoint one or …

(a) The governance of a credit union shall be the responsibility of the board of directors. The board shall establish the policies for the conduct of the affairs of the credit union and shall supervise the affairs of the credit union to ensure that such policies are being adhered…

(a) The board of directors of a state bank or credit union shall meet on a regular basis as often as necessary but not less than the minimum number of meetings required by applicable law. (b) Minutes of each meeting shall be kept, showing the names of the directors who are presen…

When so provided by the bylaws, the board of directors may appoint and may provide for the compensation of loan officers to act under the supervision of the credit committee or, if none, the board of directors, and the loan officers, when so appointed and when authorized by the c…

Unless the organizational documents of a state bank or credit union provide otherwise, any action to be taken at a meeting of the board of directors or committee may be taken without a meeting under and consistent with any provision of the applicable Organizations Act permitting …

The board of directors at any regular or special meeting may, by majority vote, authorize borrowing of specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund, and undivided earnings without approval…

At such intervals and for such periods as the board of directors may authorize, and after any required transfers to the required reserves, the board of directors may declare dividends on shares and interest on deposits from current earnings. Dividends may be paid at various rates…

(a) The board of directors of a state bank or credit union shall engage a certified public accountant, at least annually, to serve as its auditor and to perform an annual audit. Each state bank or credit union shall give notice to the commissioner of its engagement of an auditor …

Members of the board of directors, credit committee, or supervisory committee may borrow from the credit union. Members of the board of directors, credit committee, and supervisory committee may borrow or become surety for loans in excess of their holdings in the credit union pro…

(a) Each calendar year, each state bank or credit union shall balance its books at the close of business on the last business day in December and, within 30 calendar days thereafter, shall file with the commissioner an annual report. The annual report shall be signed by an author…

The board of directors may, after notice and an opportunity to be heard, expel from a credit union any member who: (a) Has not carried out his engagements with the credit union; (b) Has been convicted of a criminal offense; (c) Neglects or refuses to comply with the provisions of…

(a) A state bank or credit union shall provide the commissioner with a copy of all reports filed with any other regulatory authority at the time the report is filed. (b) A state bank or credit union shall file with the commissioner notice of the filing of reports required by the …

I. For the purposes of this section, the following words shall have the following meaning unless the context clearly indicates otherwise: (a) "Eligible adult" shall mean: (i) A person 65 years of age or older; or (ii) A person, 18 years of age or older, who is "vulnerable" as def…

The amounts paid on shares or deposited by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds for the payments become available and after deducting any amounts due from the member.

(a) The purpose of this section is to maintain competitive equality between federally chartered and state-chartered institutions while providing for the safe and sound operation of state-chartered institutions. (b) Subject to any limitations set forth in the Depository Bank Act (…

The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates, and accumulated dividends or interest of a member in his individual, joint or trust account, for any sum past due the credit union from said member or for any loan endorsed by hi…

The commissioner shall appoint a general counsel, who shall serve at the pleasure of the commissioner. The general counsel shall perform such duties and exercise such powers as the commissioner may authorize.

No person who is not a resident of the state at the time of his or her appointment or who fails to become a resident of the state within one year after his or her appointment, and no person who is indebted to any entity under the supervision of the commissioner, or who holds any …

A family trust company shall maintain the required capital under RSA 383-D:6-602, a fidelity bond under RSA 383-A:4-405, and an errors and omissions liability insurance policy under RSA 383-A:4-406. For purposes of determining the appropriate amounts of required capital, fidelity…

This article applies to all persons who are (i) seeking to engage in an act or transaction under the Banking Acts or Credit Union Act that requires the prior review and approval by the commissioner, or (ii) required to provide notice to the commissioner under the Banking Acts or …

The supervisory committee shall inspect from time to time the accounts of the credit union and shall keep fully informed of its financial condition, and shall supervise the acts of its board of directors, credit committee, and officers, as may be provided in the bylaws.

(a) The board of directors of a trust company shall be composed of at least 5 directors. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the trust company's safety and soundnes…

This article sets forth the special requirements for mutual banks and mutual holding companies in this state.

The initial capital required to organize a mutual bank shall be in the form of capital debentures or special deposits. The commissioner shall first approve the maturity, interest rate, and repayment provisions of each debenture or special deposit. No retirement of capital debentu…

(a) The minimum required capital of a family trust company is $200,000. The commissioner may require a family trust company to maintain additional capital. From time to time, the commissioner may reduce or increase the amount of additional capital that a family trust company is r…

(a) A person seeking to engage in any act or transaction under the Banking Acts or the Credit Union Act, that requires the prior review of the commissioner shall submit a written application, as appropriate, with the commissioner. (b) A person required to provide notice to the co…

The supervisory committee of every credit union under the supervision of the commissioner shall conduct or cause to be conducted annual audits as is required by RSA 383-A:5-509 and submit reports of condition as is required by RSA 383-A:5-510.

A trust company's board of directors shall meet on a regular basis no less than once each calendar quarter or with greater frequency as the board determines is necessary or as the commissioner requires in consideration of the trust company's safety and soundness.

Notwithstanding any other law to the contrary, a mutual bank and mutual holding company may invest an amount not to exceed 25 percent of its capital and surplus in the capital debentures, bonds, special deposits, or other debt securities of any other mutual bank or mutual holding…

A family trust company is exempt from RSA 383-C:5-503.

(a) In the case of a trust company organized as a corporation, the trust company shall have a president, a treasurer, and a secretary and may appoint one or more other officers. (b) In the case of a trust company organized as a limited liability company, the trust company shall h…

(a) The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that: (1) It can maintain its safety and soundness without the audit; (2) The cost of an audit would be an undue financial burden on the credit uni…

(a) The commissioner shall examine each application filed under RSA 383-A:6-602 to determine whether it complies with applicable filing requirements, including payment of any required fee. No later than 30 days after receipt of the filing by the commissioner, the application shal…

In addition to the grounds for removal set forth in RSA 383-A:9-902, the commissioner may also remove a director or officer of a trust company if, in the opinion of the commissioner, the director or officer does not possess the experience, ability, standing, competence, trustwort…

The supervisory committee chairman or his designee shall make a full report at the annual meeting, and it shall be filed and preserved with the records of the credit union.

(a) Within 10 business days after receipt of a notice, the commissioner shall issue a written acknowledgment of receipt of the notice to the filer. (b) Within 60 days after the application is deemed substantially complete under RSA 383-A:6-603, the commissioner shall issue: (1) A…