California Financial Code

§ 16555

FIN § 16555 Effective Jan 1, 2001Div. 5 · Ch. 12 · Art. 3

Statute text

(a)(1) No foreign (other nation) credit union that is licensed to maintain a branch office or agency 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 branch office or agency from closing an office in accordance with Article 8 (commencing with Section 16800).

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

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Legislative history

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