California Financial Code

§ 14155

FIN § 14155 Effective Jan 1, 1999Div. 5 · Ch. 2 · Art. 2

Statute text

Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a certificate to act as a credit union or an expansion of the field of membership of an existing credit union for any of the following reasons:

(a)The field of membership of the applicant is contrary to the principles of organizing credit unions, including principles of organizing credit unions based on common bond of occupation, association, or groups within a well-defined neighborhood, community or rural district.

(b)A false statement of a material fact has been made in the application for certificate.

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Legislative history

Amended by Stats. 1998, Ch. 539, Sec. 1.4. Effective January 1, 1999.