NC S489

Establishes new charter fee of $250.00 and investigation fee of $2,500.00 for newly established credit unions.

Modifies late penalty structure for credit unions failing to submit timely reports, allowing the Administrator to set per-day penalties between $75.00 and $750.00 annually (previously fixed at $75.00 per day).

Authorizes the Administrator of Credit Unions to revoke a credit union's certificate of incorporation and seize assets after providing 15 days' notice if penalties remain unpaid.

Directs clear proceeds from collected penalties to be remitted to the Civil Penalty and Forfeiture Fund.

Effective October 1, 2021.