(1) A credit union organized in another state may conduct business as a credit union in this state with the approval of the commissioner. The commissioner shall find that the out-of-state credit union:
(a) Is a credit union organized under laws similar to this subtitle;
(b) Is financially solvent;
(c) Has account insurance comparable to that required for credit unions incorporated under this subtitle;
(d) Is effectively examined and supervised by the supervisory authority of the state in which it is organized; and (e) Needs to conduct business in this state to adequately serve its members in this state.
(2) The out-of-state credit union shall agree to:
(a) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under this subtitle;
(b) Comply with the same consumer protection provisions that credit unions incorporated under this subtitle must obey;
(c) Designate and maintain an agent for the service of process in this state; and (d) Submit copies of reports to the commissioner when requested.
(3) The commissioner may examine the out-of-state credit union or enter into cooperative or reciprocal agreements with the out-of-state credit union's regulatory authority for periodic examinations.