New Hampshire § 383-E:6-603 Exemption to Annual Audit Requirement

New Hampshire Statutes

§ 383-E:6-603 — Exemption to Annual Audit Requirement

New Hampshire § 383-E:6-603

Title XXXVBANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS

Ch. 383-ECREDIT UNION ACT

SubdivisionARTICLE 6Supervisory Committee

This text of New Hampshire § 383-E:6-603 (Exemption to Annual Audit Requirement) is published on Counsel Stack Legal Research, covering New Hampshire primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.H. Rev. Stat. Ann. § 383-E:6-603 (2026).

Text

(a)The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that:

(1)It can maintain its safety and soundness without the audit;

(2)The cost of an audit would be an undue financial burden on the credit union; and

(3)It has an alternate audit arrangement in place that will assure the commissioner that its financial statements are true and accurate.

(b)The commissioner may revoke any exemption granted if, in his or her judgment, the safety and soundness of the exempt credit union requires it.

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(a) The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that:
(1) It can maintain its safety and soundness without the audit;
(2) The cost of an audit would be an undue financial burden on the credit union; and
(3) It has an alternate audit arrangement in place that will assure the commissioner that its financial statements are true and accurate.
(b) The commissioner may revoke any exemption granted if, in his or her judgment, the safety and soundness of the exempt credit union requires it.