California Financial Code

§ 16102

FIN § 16102 Effective Jan 1, 2001Div. 5 · Ch. 11 · Art. 6

Statute text

(a)Any foreign (other state) credit union that is authorized to and does maintain a California branch office or California facility is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to rates of interest upon the loan or forbearance of any money, goods, or things in action or on accounts after demand.

(b)This section does not exempt a foreign (other state) credit union or any subsidiary from complying with all other laws and regulations governing the business in which the foreign (other state) credit union or subsidiary is engaged.

(c)This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.

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Legislative history

Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.