MN SF4444

Credit unions may obtain share and deposit account insurance through a commissioner-approved credit union share guaranty corporation as an alternative to the federal National Credit Union Administration (NCUA) insurance program.

Member share accounts must be guaranteed up to at least $250,000 or the NCUA primary guaranteed amount, whichever is greater.

The Commissioner of Commerce may examine credit union share guaranty corporations and assess them for reasonable examination costs, with funds deposited in the financial institutions special revenue account.

Credit unions are prohibited from voluntarily terminating insurance with NCUA or a share guaranty corporation without commissioner approval.

Courts may appoint a commissioner-approved share insurance provider as receiver of a credit union that has been suspended or issued a consent cease and desist order.