Applicant required to obtain insurance of deposits; regulations.
1. Except as otherwise provided in subsection 2, an applicant for an authorization to engage in the business regulated pursuant to this chapter must obtain:
(a) The insurance of deposits provided pursuant to the provisions of the Federal Deposit Insurance Act (12 U.S.C. §§ 1811 et seq.); or
(b) The insurance of deposits provided pursuant to the provisions of the National Housing Act (12 U.S.C. §§ 1701 to 1743, inclusive).
2. A person who:
(a) Is licensed pursuant to this chapter before October 1, 1997; and
(b) Has not obtained the insurance of deposits provided in subsection 1,
Ê may obtain a contract for the insurance of deposits that is issued by a private insurer. The contract must be approved by the Commissioner and the Commissioner of Insurance.
3. The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to subsection 2 will be approved by him.
Last modified: February 26, 2006