(a) Notwithstanding any other provisions of the California Credit Union Law or of these rules, a credit union must adhere to the requirements stated in Part 723 of the National Credit Union Administration (“NCUA”) regulations concerning member business loans (12 C.F.R. 723), NCUA Regulation 701.21 (c)(8) concerning prohibited fees (12 C.F.R. 701.21(c)(8)), and NCUA Regulation 701.21(d)(5) concerning non-preferential loans (12 C.F.R. 701.21(d)(5)), which are each hereby incorporated by reference, other than the requirements that the credit union notify or request approval from the NCUA Board or NCUA Regional Director.

(b) Whenever the federal regulations referred to in Subdivision (a) require that a federal credit union request approval from or notify the NCUA Board or the NCUA Regional Director, a credit union subject to this rule shall request approval from or notify the Commissioner.

(c) Within forty-five (45) days of receipt of a complete request for approval required by Subdivision (b) of this rule, the Commissioner shall approve or disapprove the request. Within forty-five (45) days of receipt of an incomplete request, the Commissioner shall notify the credit union that the request is incomplete and shall specify the information needed to complete the request.