California Financial Code

§ 16103

FIN § 16103 Effective Jan 1, 2001Div. 5 · Ch. 11 · Art. 6

Statute text

(a)A foreign (other state) credit union that is licensed to establish and maintain an office or offices in this state shall keep the assets of the offices separate and apart from the assets of its business outside this state, if required by written order of the commissioner.

(b)Persons who are creditors of a foreign (other state) credit union as a result of the business of an office of the foreign (other state) credit union in this state shall be entitled to priority over other creditors with respect to the assets of the business in this state of the foreign (other state) credit union.

Legislative history

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