California Financial Code

§ 16529

FIN § 16529 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 2

Statute text

(a)(1) No foreign (other nation) credit union that is licensed to maintain a representative office shall close the office unless the commissioner shall have first approved the closing.

(2)Paragraph (1) shall not be deemed to prohibit a foreign (other nation) credit union that is licensed to maintain a representative office from closing the office in accordance with Article 8 (commencing with Section 16800).

(b)If the commissioner finds, with respect to an application by a foreign (other nation) credit union for approval to close a representative office, that the closing of the office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve the application. If the commissioner finds otherwise, the commissioner shall deny the application.

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Legislative history

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