6-517. Federal parity

In addition to all other rights, powers and privileges, a credit union that is organized under the laws of this state and whose accounts are insured by an insuring organization:

1. Has all of the rights, powers and privileges and is entitled to the same exemptions and immunities as any credit union that is chartered under the laws of the United States.

2. May exercise all of the rights, powers and privileges of any out-of-state credit union with the prior approval of the deputy director.  The credit union shall submit a request to the deputy director on a form prescribed by the deputy director and reference the specific statutory or regulatory source of the rights, powers or privileges that the credit union wishes to exercise.