(1) A credit union may change its place of business within this state upon written notice to the department of administration.
(2) A credit union may share office space with one or more credit unions and contract with any person or corporation to provide facilities or personnel.
(3) A credit union may maintain, upon prior written notice to the department, additional offices at locations other than its principal place of business if the purpose of maintaining the additional offices is to furnish service to its members.
(4) The department shall approve any additional office unless a compelling reason for disapproval is found by the department. Competition with other financial institutions is not a sufficiently compelling reason for disapproval.
(5) If the department disapproves an additional office, the credit union must be afforded an opportunity for a hearing according to Title 2, chapter 4, part 6. The purpose of the hearing is to determine whether a compelling reason exists for disapproval of the additional office.