California Financial Code

§ 16527

FIN § 16527 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 2

Statute text

(a)No foreign (other nation) credit union that is licensed to maintain a representative office shall relocate the office unless the commissioner shall have first approved the relocation and issued a license authorizing the credit union to maintain the office at the new site.

(b)(1) In case the new site of a representative office is in the same vicinity as the old site, the commissioner shall approve an application by a foreign (other nation) credit union for approval to relocate the representative office if the commissioner finds that the relocation of the office will not be substantially detrimental to the public convenience and advantage.

(2)In case the new site of a representative office is not in the same vicinity as the old site, the commissioner shall approve an application by a foreign (other nation) credit union for approval to relocate the representative office if the commissioner finds both of the following:

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Legislative history

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