State Codes and Statutes

Statutes > California > Fin > 16500-16512

FINANCIAL CODE
SECTION 16500-16512



16500.  This chapter may be cited as the "Foreign (Other Nation)
Credit Union Law."



16501.  In this chapter:
   (a) "Agency," when used with respect to a foreign (other nation)
credit union, means an office in this state at which the foreign
(other nation) credit union transacts credit union business, other
than branch business.
   (b) "Branch business" means the business of issuing shares or
certificates, receiving deposits, paying checks, making loans, and
other activities that the commissioner may specify by order or
regulation.
   (c) "Branch office," when used with respect to a foreign (other
nation) credit union, means an office in this state at which the
foreign (other nation) credit union engages in branch business.
   (d) "Business in this state," when used with respect to a foreign
(other nation) credit union that is licensed to maintain one or more
offices, includes the aggregate business of all of the offices.
   (e) "Foreign nation" means any nation other than the United
States, including, without limitation, any subdivision, territory,
trust territory, dependency, colony, or possession of any nation
other than the United States.
   (f) "Foreign (other nation) credit union" means any credit union
or similar institution that is organized under the laws of a foreign
nation.
   (g) "Foreign (other state) state credit union" means a credit
union that is organized under the laws of a state of the United
States other than California.
   (h) "Home country," when used with respect to a foreign (other
nation) credit union, means the foreign nation under whose laws the
foreign (other nation) credit union is organized.
   (i) "Home country regulator," when used with respect to a foreign
(other nation) credit union, means the regulatory agency in the home
country of the foreign (other nation) credit union that has primary
regulatory authority over the foreign (other nation) credit union.
   (j) (1) "License" means a license issued under this chapter,
authorizing a foreign (other nation) credit union to maintain an
office.
   (2) To be "licensed" means to be issued or to hold a license.
   (3) To be "licensed to transact business in this state," when used
with respect to a foreign (other nation) credit union, means that
the foreign (other nation) credit union is licensed to maintain an
agency or branch office.
   (k) "Office," when used with respect to a foreign (other nation)
credit union, means a branch office, an agency, or a representative
office maintained by the foreign (other nation) credit union.
   (l) "Representative office," when used with respect to a foreign
(other nation) credit union, means an office in this state at which
the foreign (other nation) credit union engages in representational
functions but at which it does not transact business.
   (m) "State of the United States" means any state of the United
States, the District of Columbia, any territory of the United States,
Puerto Rico, Guam, American Samoa, the Trust Territory of the
Pacific Islands, the Virgin Islands, and the Northern Mariana
Islands.



16502.  Nothing in this chapter shall apply to a foreign (other
state) state credit union or be deemed to authorize a foreign (other
state) state credit union to transact business in this state.



16503.  No foreign (other nation) credit union may establish a
branch office unless its deposit or share accounts are insured by the
National Credit Union Administration or other insurer that is not
unsatisfactory to the commissioner.


16504.  Each application filed with the commissioner under this
chapter or under any regulation or order issued under this chapter
shall be in the form, shall contain the information, shall be signed
in the manner, and shall (if the commissioner requires by regulation
or order) be verified in the manner that the commissioner may by
regulation or order require.



16505.  Fees shall be paid to and collected by the commissioner as
follows:
   (a) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish a branch office
shall be one thousand dollars ($1,000).
   (b) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish an agency shall be
five hundred dollars ($500).
   (c) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish a branch office
shall be five hundred dollars ($500).
   (d) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish an agency shall be
two hundred fifty dollars ($250).
   (e) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to establish a
representative office shall be two hundred fifty dollars ($250).
   (f) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to relocate or to
close an office shall be one hundred fifty dollars ($150).
   (g) The fee for issuing a license shall be twenty-five dollars
($25).
   (h) Each foreign (other nation) credit union that on June 1 of any
year maintains one or more offices shall pay, on or before the
following July 1, a fee of two hundred fifty dollars ($250) per
branch office, one hundred dollars ($100) per agency, and fifty
dollars ($50) per representative office.
   (i) If the commissioner makes an examination in connection with a
pending application, the foreign (other nation) credit union making
the application shall pay a fee for the examination at the rate of
seventy-five dollars ($75) per hour for each examiner engaged in the
examination plus, if in the opinion of the commissioner it is
necessary for any examiner engaged in the examination to travel
outside this state, the travel expenses of the examiner.
   (j) If the commissioner makes an examination of a foreign (other
nation) credit union that is licensed to maintain an office, the
foreign (other nation) credit union shall pay a fee for the
examination at the rate of seventy-five dollars ($75) per hour for
each examiner engaged in the examination plus, if in the opinion of
the commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.


16506.  (a) (1) No foreign (other nation) credit union shall be
issued a license to maintain an office unless it shall have first
filed with the commissioner, in the form that the commissioner may by
regulation or order require, an appointment irrevocably appointing
the commissioner and the commissioner's successor from time to time
in office to be the foreign (other nation) credit union's attorney to
receive service of any lawful process in any noncriminal judicial or
administrative proceeding against the foreign (other nation) credit
union or any of its successors that arises out of the activities in
this state after the appointment has been filed, with the same force
and validity as if served personally on the foreign (other nation)
credit union or its successor, as the case may be.
   (2) Any foreign (other nation) credit union that maintains an
office in this state and that has not filed with the commissioner an
appointment pursuant to paragraph (1) shall be deemed by the
maintenance of that office to have appointed the commissioner as its
attorney to receive service of any lawful process in any noncriminal
judicial or administrative proceeding against the foreign (other
nation) credit union or any of its successors that arises out of the
activities in this state with the same force and validity as if
served personally on the foreign (other nation) credit union or its
successor, as the case may be.
   (b) Service may be made on a foreign (other nation) credit union
that has appointed or is deemed to have appointed the commissioner as
its attorney for service of process by leaving a copy of the process
at any office of the commissioner. However, the service is not
effective unless (1) the party making the service, who may be the
commissioner, forthwith sends notice of the service and a copy of the
process by registered or certified mail to the foreign (other
nation) credit union served at its last address on file with the
commissioner at any of its offices in this state or at its head
office, and (2) an affidavit of compliance with this subdivision by
the party making service is filed in the case on or before the return
date, if any, or within any further time that the court, in the case
of a judicial proceeding, or the administrative agency, in the case
of an administrative proceeding, allows.



16507.  In administering the provisions of this chapter, the
commissioner may share information with federal and home country
regulators of foreign (other nation) credit unions.



16508.  No license shall be transferable or assignable.



16509.  A foreign (other nation) credit union that is licensed to
establish an office shall post at a conspicuous place at the office a
notice to the public which states the name of the foreign (other
nation) credit union, the type of office it is, and the foreign
country under whose laws it was organized or chartered.




16510.  Whenever a foreign (other nation) credit union is licensed
to establish more than one office, it shall designate one of its
offices as its primary office.



16511.  Each foreign (other nation) credit union that is licensed to
establish an office shall conduct all of the business of the office
in a single building or in adjoining buildings. However, with the
approval of the commissioner, the foreign (other nation) credit union
may conduct part of the business of the office elsewhere in the same
vicinity.



16512.  Whenever any provision of this chapter or of any regulation
or order issued under this chapter that is applicable to or with
respect to a foreign (other nation) credit union that maintains a
branch office or facility is inconsistent with any provision of any
other chapter of this division, the former provision applies, and the
latter provision does not apply.


State Codes and Statutes

Statutes > California > Fin > 16500-16512

FINANCIAL CODE
SECTION 16500-16512



16500.  This chapter may be cited as the "Foreign (Other Nation)
Credit Union Law."



16501.  In this chapter:
   (a) "Agency," when used with respect to a foreign (other nation)
credit union, means an office in this state at which the foreign
(other nation) credit union transacts credit union business, other
than branch business.
   (b) "Branch business" means the business of issuing shares or
certificates, receiving deposits, paying checks, making loans, and
other activities that the commissioner may specify by order or
regulation.
   (c) "Branch office," when used with respect to a foreign (other
nation) credit union, means an office in this state at which the
foreign (other nation) credit union engages in branch business.
   (d) "Business in this state," when used with respect to a foreign
(other nation) credit union that is licensed to maintain one or more
offices, includes the aggregate business of all of the offices.
   (e) "Foreign nation" means any nation other than the United
States, including, without limitation, any subdivision, territory,
trust territory, dependency, colony, or possession of any nation
other than the United States.
   (f) "Foreign (other nation) credit union" means any credit union
or similar institution that is organized under the laws of a foreign
nation.
   (g) "Foreign (other state) state credit union" means a credit
union that is organized under the laws of a state of the United
States other than California.
   (h) "Home country," when used with respect to a foreign (other
nation) credit union, means the foreign nation under whose laws the
foreign (other nation) credit union is organized.
   (i) "Home country regulator," when used with respect to a foreign
(other nation) credit union, means the regulatory agency in the home
country of the foreign (other nation) credit union that has primary
regulatory authority over the foreign (other nation) credit union.
   (j) (1) "License" means a license issued under this chapter,
authorizing a foreign (other nation) credit union to maintain an
office.
   (2) To be "licensed" means to be issued or to hold a license.
   (3) To be "licensed to transact business in this state," when used
with respect to a foreign (other nation) credit union, means that
the foreign (other nation) credit union is licensed to maintain an
agency or branch office.
   (k) "Office," when used with respect to a foreign (other nation)
credit union, means a branch office, an agency, or a representative
office maintained by the foreign (other nation) credit union.
   (l) "Representative office," when used with respect to a foreign
(other nation) credit union, means an office in this state at which
the foreign (other nation) credit union engages in representational
functions but at which it does not transact business.
   (m) "State of the United States" means any state of the United
States, the District of Columbia, any territory of the United States,
Puerto Rico, Guam, American Samoa, the Trust Territory of the
Pacific Islands, the Virgin Islands, and the Northern Mariana
Islands.



16502.  Nothing in this chapter shall apply to a foreign (other
state) state credit union or be deemed to authorize a foreign (other
state) state credit union to transact business in this state.



16503.  No foreign (other nation) credit union may establish a
branch office unless its deposit or share accounts are insured by the
National Credit Union Administration or other insurer that is not
unsatisfactory to the commissioner.


16504.  Each application filed with the commissioner under this
chapter or under any regulation or order issued under this chapter
shall be in the form, shall contain the information, shall be signed
in the manner, and shall (if the commissioner requires by regulation
or order) be verified in the manner that the commissioner may by
regulation or order require.



16505.  Fees shall be paid to and collected by the commissioner as
follows:
   (a) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish a branch office
shall be one thousand dollars ($1,000).
   (b) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish an agency shall be
five hundred dollars ($500).
   (c) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish a branch office
shall be five hundred dollars ($500).
   (d) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish an agency shall be
two hundred fifty dollars ($250).
   (e) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to establish a
representative office shall be two hundred fifty dollars ($250).
   (f) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to relocate or to
close an office shall be one hundred fifty dollars ($150).
   (g) The fee for issuing a license shall be twenty-five dollars
($25).
   (h) Each foreign (other nation) credit union that on June 1 of any
year maintains one or more offices shall pay, on or before the
following July 1, a fee of two hundred fifty dollars ($250) per
branch office, one hundred dollars ($100) per agency, and fifty
dollars ($50) per representative office.
   (i) If the commissioner makes an examination in connection with a
pending application, the foreign (other nation) credit union making
the application shall pay a fee for the examination at the rate of
seventy-five dollars ($75) per hour for each examiner engaged in the
examination plus, if in the opinion of the commissioner it is
necessary for any examiner engaged in the examination to travel
outside this state, the travel expenses of the examiner.
   (j) If the commissioner makes an examination of a foreign (other
nation) credit union that is licensed to maintain an office, the
foreign (other nation) credit union shall pay a fee for the
examination at the rate of seventy-five dollars ($75) per hour for
each examiner engaged in the examination plus, if in the opinion of
the commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.


16506.  (a) (1) No foreign (other nation) credit union shall be
issued a license to maintain an office unless it shall have first
filed with the commissioner, in the form that the commissioner may by
regulation or order require, an appointment irrevocably appointing
the commissioner and the commissioner's successor from time to time
in office to be the foreign (other nation) credit union's attorney to
receive service of any lawful process in any noncriminal judicial or
administrative proceeding against the foreign (other nation) credit
union or any of its successors that arises out of the activities in
this state after the appointment has been filed, with the same force
and validity as if served personally on the foreign (other nation)
credit union or its successor, as the case may be.
   (2) Any foreign (other nation) credit union that maintains an
office in this state and that has not filed with the commissioner an
appointment pursuant to paragraph (1) shall be deemed by the
maintenance of that office to have appointed the commissioner as its
attorney to receive service of any lawful process in any noncriminal
judicial or administrative proceeding against the foreign (other
nation) credit union or any of its successors that arises out of the
activities in this state with the same force and validity as if
served personally on the foreign (other nation) credit union or its
successor, as the case may be.
   (b) Service may be made on a foreign (other nation) credit union
that has appointed or is deemed to have appointed the commissioner as
its attorney for service of process by leaving a copy of the process
at any office of the commissioner. However, the service is not
effective unless (1) the party making the service, who may be the
commissioner, forthwith sends notice of the service and a copy of the
process by registered or certified mail to the foreign (other
nation) credit union served at its last address on file with the
commissioner at any of its offices in this state or at its head
office, and (2) an affidavit of compliance with this subdivision by
the party making service is filed in the case on or before the return
date, if any, or within any further time that the court, in the case
of a judicial proceeding, or the administrative agency, in the case
of an administrative proceeding, allows.



16507.  In administering the provisions of this chapter, the
commissioner may share information with federal and home country
regulators of foreign (other nation) credit unions.



16508.  No license shall be transferable or assignable.



16509.  A foreign (other nation) credit union that is licensed to
establish an office shall post at a conspicuous place at the office a
notice to the public which states the name of the foreign (other
nation) credit union, the type of office it is, and the foreign
country under whose laws it was organized or chartered.




16510.  Whenever a foreign (other nation) credit union is licensed
to establish more than one office, it shall designate one of its
offices as its primary office.



16511.  Each foreign (other nation) credit union that is licensed to
establish an office shall conduct all of the business of the office
in a single building or in adjoining buildings. However, with the
approval of the commissioner, the foreign (other nation) credit union
may conduct part of the business of the office elsewhere in the same
vicinity.



16512.  Whenever any provision of this chapter or of any regulation
or order issued under this chapter that is applicable to or with
respect to a foreign (other nation) credit union that maintains a
branch office or facility is inconsistent with any provision of any
other chapter of this division, the former provision applies, and the
latter provision does not apply.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 16500-16512

FINANCIAL CODE
SECTION 16500-16512



16500.  This chapter may be cited as the "Foreign (Other Nation)
Credit Union Law."



16501.  In this chapter:
   (a) "Agency," when used with respect to a foreign (other nation)
credit union, means an office in this state at which the foreign
(other nation) credit union transacts credit union business, other
than branch business.
   (b) "Branch business" means the business of issuing shares or
certificates, receiving deposits, paying checks, making loans, and
other activities that the commissioner may specify by order or
regulation.
   (c) "Branch office," when used with respect to a foreign (other
nation) credit union, means an office in this state at which the
foreign (other nation) credit union engages in branch business.
   (d) "Business in this state," when used with respect to a foreign
(other nation) credit union that is licensed to maintain one or more
offices, includes the aggregate business of all of the offices.
   (e) "Foreign nation" means any nation other than the United
States, including, without limitation, any subdivision, territory,
trust territory, dependency, colony, or possession of any nation
other than the United States.
   (f) "Foreign (other nation) credit union" means any credit union
or similar institution that is organized under the laws of a foreign
nation.
   (g) "Foreign (other state) state credit union" means a credit
union that is organized under the laws of a state of the United
States other than California.
   (h) "Home country," when used with respect to a foreign (other
nation) credit union, means the foreign nation under whose laws the
foreign (other nation) credit union is organized.
   (i) "Home country regulator," when used with respect to a foreign
(other nation) credit union, means the regulatory agency in the home
country of the foreign (other nation) credit union that has primary
regulatory authority over the foreign (other nation) credit union.
   (j) (1) "License" means a license issued under this chapter,
authorizing a foreign (other nation) credit union to maintain an
office.
   (2) To be "licensed" means to be issued or to hold a license.
   (3) To be "licensed to transact business in this state," when used
with respect to a foreign (other nation) credit union, means that
the foreign (other nation) credit union is licensed to maintain an
agency or branch office.
   (k) "Office," when used with respect to a foreign (other nation)
credit union, means a branch office, an agency, or a representative
office maintained by the foreign (other nation) credit union.
   (l) "Representative office," when used with respect to a foreign
(other nation) credit union, means an office in this state at which
the foreign (other nation) credit union engages in representational
functions but at which it does not transact business.
   (m) "State of the United States" means any state of the United
States, the District of Columbia, any territory of the United States,
Puerto Rico, Guam, American Samoa, the Trust Territory of the
Pacific Islands, the Virgin Islands, and the Northern Mariana
Islands.



16502.  Nothing in this chapter shall apply to a foreign (other
state) state credit union or be deemed to authorize a foreign (other
state) state credit union to transact business in this state.



16503.  No foreign (other nation) credit union may establish a
branch office unless its deposit or share accounts are insured by the
National Credit Union Administration or other insurer that is not
unsatisfactory to the commissioner.


16504.  Each application filed with the commissioner under this
chapter or under any regulation or order issued under this chapter
shall be in the form, shall contain the information, shall be signed
in the manner, and shall (if the commissioner requires by regulation
or order) be verified in the manner that the commissioner may by
regulation or order require.



16505.  Fees shall be paid to and collected by the commissioner as
follows:
   (a) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish a branch office
shall be one thousand dollars ($1,000).
   (b) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is not licensed to transact
business in this state for approval to establish an agency shall be
five hundred dollars ($500).
   (c) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish a branch office
shall be five hundred dollars ($500).
   (d) The fee for filing with the commissioner an application by a
foreign (other nation) credit union that is licensed to transact
business in this state for approval to establish an agency shall be
two hundred fifty dollars ($250).
   (e) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to establish a
representative office shall be two hundred fifty dollars ($250).
   (f) The fee for filing with the commissioner an application by a
foreign (other nation) credit union for approval to relocate or to
close an office shall be one hundred fifty dollars ($150).
   (g) The fee for issuing a license shall be twenty-five dollars
($25).
   (h) Each foreign (other nation) credit union that on June 1 of any
year maintains one or more offices shall pay, on or before the
following July 1, a fee of two hundred fifty dollars ($250) per
branch office, one hundred dollars ($100) per agency, and fifty
dollars ($50) per representative office.
   (i) If the commissioner makes an examination in connection with a
pending application, the foreign (other nation) credit union making
the application shall pay a fee for the examination at the rate of
seventy-five dollars ($75) per hour for each examiner engaged in the
examination plus, if in the opinion of the commissioner it is
necessary for any examiner engaged in the examination to travel
outside this state, the travel expenses of the examiner.
   (j) If the commissioner makes an examination of a foreign (other
nation) credit union that is licensed to maintain an office, the
foreign (other nation) credit union shall pay a fee for the
examination at the rate of seventy-five dollars ($75) per hour for
each examiner engaged in the examination plus, if in the opinion of
the commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.


16506.  (a) (1) No foreign (other nation) credit union shall be
issued a license to maintain an office unless it shall have first
filed with the commissioner, in the form that the commissioner may by
regulation or order require, an appointment irrevocably appointing
the commissioner and the commissioner's successor from time to time
in office to be the foreign (other nation) credit union's attorney to
receive service of any lawful process in any noncriminal judicial or
administrative proceeding against the foreign (other nation) credit
union or any of its successors that arises out of the activities in
this state after the appointment has been filed, with the same force
and validity as if served personally on the foreign (other nation)
credit union or its successor, as the case may be.
   (2) Any foreign (other nation) credit union that maintains an
office in this state and that has not filed with the commissioner an
appointment pursuant to paragraph (1) shall be deemed by the
maintenance of that office to have appointed the commissioner as its
attorney to receive service of any lawful process in any noncriminal
judicial or administrative proceeding against the foreign (other
nation) credit union or any of its successors that arises out of the
activities in this state with the same force and validity as if
served personally on the foreign (other nation) credit union or its
successor, as the case may be.
   (b) Service may be made on a foreign (other nation) credit union
that has appointed or is deemed to have appointed the commissioner as
its attorney for service of process by leaving a copy of the process
at any office of the commissioner. However, the service is not
effective unless (1) the party making the service, who may be the
commissioner, forthwith sends notice of the service and a copy of the
process by registered or certified mail to the foreign (other
nation) credit union served at its last address on file with the
commissioner at any of its offices in this state or at its head
office, and (2) an affidavit of compliance with this subdivision by
the party making service is filed in the case on or before the return
date, if any, or within any further time that the court, in the case
of a judicial proceeding, or the administrative agency, in the case
of an administrative proceeding, allows.



16507.  In administering the provisions of this chapter, the
commissioner may share information with federal and home country
regulators of foreign (other nation) credit unions.



16508.  No license shall be transferable or assignable.



16509.  A foreign (other nation) credit union that is licensed to
establish an office shall post at a conspicuous place at the office a
notice to the public which states the name of the foreign (other
nation) credit union, the type of office it is, and the foreign
country under whose laws it was organized or chartered.




16510.  Whenever a foreign (other nation) credit union is licensed
to establish more than one office, it shall designate one of its
offices as its primary office.



16511.  Each foreign (other nation) credit union that is licensed to
establish an office shall conduct all of the business of the office
in a single building or in adjoining buildings. However, with the
approval of the commissioner, the foreign (other nation) credit union
may conduct part of the business of the office elsewhere in the same
vicinity.



16512.  Whenever any provision of this chapter or of any regulation
or order issued under this chapter that is applicable to or with
respect to a foreign (other nation) credit union that maintains a
branch office or facility is inconsistent with any provision of any
other chapter of this division, the former provision applies, and the
latter provision does not apply.


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