SECTION .1400 ‑ SIGNATURE GUARANTEE SERVICES

04 NCAC 06C .1401         SIGNATURE GUARANTEE

Provided the following conditions are satisfied, a credit union may offer its members signature guarantee services in connection with the transfer of securities, name change on a security certificate, replacement of lost certificates, or erasures on a security certificate:

(1)           The credit union obtains a bond endorsement protecting it against any loss or liability resulting from granting an improper signature guarantee.

(2)           The credit union participates in a signature guarantee program endorsed by the Securities Transfer Association.

(3)           The credit union obtains the prior written approval of the Administrator before commencing its signature guarantee program.

History Note:        Authority G.S. 54‑109.12; 54‑109.21(25);

Eff. March 1, 1994;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 6, 2016.