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Can you summarize NHRS 383-A:5-510?
BANK AND CREDIT UNION REGULATORY AND ENFORCEMENT > Reports of Condition.
Short Summary
This legal document governs the reporting requirements for state banks and credit unions in New Hampshire. It mandates that each state bank or credit union must balance its books at the close of business on the last business day in December and file an annual report within 30 calendar days thereafter. The annual report must include information such as the institution’s contact information, names of directors, executive officers, subsidiaries, service entities, affiliated holding companies, fidelity bond or errors and omissions liability policy details, liquidation pledge information, surety bond details, and other funds maintained for the benefit of the commissioner. Additionally, state banks and credit unions must also file quarterly reports within 30 calendar days after the end of each calendar quarter. The specific report forms to be used vary depending on the type of institution. The commissioner has the power to adopt rules relating to reporting and may waive reporting requirements if the information is deemed irrelevant to the determination of the true conditions of the state bank or credit union.
Whom does it apply to?
State banks and credit unions
What does it govern?
Reports of Condition
What are exemptions?
The commissioner may waive reporting requirements if the information is not relevant to the determination of the true conditions of the state bank or credit union.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Hampshire