California Financial Code

§ 16525

FIN § 16525 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 2

Statute text

(a)No foreign (other nation) credit union shall establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.

(b)(1) No person shall establish or maintain an office in this state as representative of a foreign (other nation) credit union unless the foreign (other nation) credit union is licensed to maintain the office as a representative office.

(2)For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) credit union, the foreign (other nation) credit union shall be deemed to establish and maintain the office as a representative office.

Legislative history

Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.