The PJM Operating Agreement PDF outlines the rights and responsibilities of PJM Members. Section 11 of the agreement also describes the requirements a party must meet to qualify for Membership. Initial steps include:
PJM Settlement, Inc. has a credit policy that applies to all new applicants, members, market participants and transmission service customers who use services or participate in the PJM Interconnection markets. The policy may be viewed in attachment Q of the PJM Tariff PDF.
The Overview of PJM Credit Policy and Credit Requirements PDF provides a summary of the policy and related procedures.