California Financial Code

§ 16552

FIN § 16552 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 3

Statute text

(a)No foreign (other nation) credit union shall establish or maintain a branch office or agency unless the commissioner shall have first approved its establishment and issued a license authorizing the foreign (other nation) credit union to maintain the branch office or agency.

(b)If the commissioner finds all of the following with respect to an application by a foreign (other nation) credit union for approval to establish a branch office or agency, the commissioner shall approve the application:

(1)That the foreign (other nation) credit union, the directors and officers of the foreign (other nation) credit union, and the proposed management of the office are each of good character and sound financial standing.

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Legislative history

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