California Financial Code

§ 16554

FIN § 16554 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 3

Statute text

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

(b)(1) In case the new site of the 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 a branch office or agency if the commissioner finds all of the following:

(A)That it will not be unsafe or unsound for the foreign (other nation) credit union to relocate the office.

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Legislative history

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