California Financial Code

§ 16902

FIN § 16902 Effective Jan 1, 2010Div. 5 · Ch. 12 · Art. 9

Statute text

If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other nation) credit union that is licensed to maintain an office, the commissioner may issue an order suspending or revoking the license of the foreign (other nation) credit union.

(a)That the foreign (other nation) credit union has violated a provision of this division or of any regulation or order issued under this division or a provision of any other applicable law, regulation, or order.

(b)That the foreign (other nation) credit union is transacting the business in this state or elsewhere in an unsafe or unsound manner.

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Legislative history

Amended by Stats. 2009, Ch. 500, Sec. 39. (AB 1059) Effective January 1, 2010.