State Codes and Statutes

Statutes > California > Fin > 16525-16530

FINANCIAL CODE
SECTION 16525-16530



16525.  (a) No foreign (other nation) credit union shall establish
or maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) credit union
unless the foreign (other nation) credit union is licensed to
maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) credit union, the foreign (other nation) credit union
shall be deemed to establish and maintain the office as a
representative office.


16526.  (a) No foreign (other nation) credit union shall establish
or maintain a representative office unless the commissioner shall
have first approved the establishment of the office and issued a
license authorizing the foreign (other nation) credit union to
maintain the office.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) credit union for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the foreign (other nation) credit union, the directors
and executive officers of the foreign (other nation) credit union,
and the proposed management of the office are each of good character
and sound financial standing.
   (2) That the financial history and condition of the foreign (other
nation) credit union are satisfactory.
   (3) That the management of the foreign (other nation) credit union
and the proposed management of the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the foreign (other nation) credit union will operate the
office in compliance with all applicable laws, regulations, and
orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to establish a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office have been fulfilled, the commissioner shall issue the license.




16527.  (a) No foreign (other nation) credit union that is licensed
to maintain a representative office shall relocate the office unless
the commissioner shall have first approved the relocation and issued
a license authorizing the credit union to maintain the office at the
new site.
   (b) (1) In case the new site of a representative 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 the representative office if the commissioner finds that the
relocation of the office will not be substantially detrimental to
the public convenience and advantage.
   (2) In case the new site of a representative office is not 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 the representative office if the commissioner finds both of
the following:
   (i) The relocation of the office from the old site will not be
substantially detrimental to the public convenience and advantage in
the area that is primarily served by the office at the old site.
   (ii) The relocation of the office to the new site will promote the
public convenience and advantage.
   If the commissioner does not make the findings required under
either paragraph (1) or (2), the commissioner shall deny the
application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to relocate a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office at the new site have been fulfilled, the commissioner shall
issue the license.
   (d) Promptly after a foreign (other nation) credit union that is
licensed to maintain a representative office relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license that authorized it to maintain the office at
the old site.



16528.  A foreign (other nation) credit union that is licensed to
maintain a representative office may, subject to any regulations that
the commissioner may prescribe, engage in representational functions
at the office but shall not solicit or accept share accounts or
deposits or otherwise transact business at the office.




16529.  (a) (1) No foreign (other nation) credit union that is
licensed to maintain a representative office 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 representative
office from closing the office in accordance with Article 8
(commencing with Section 16800).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) credit union for approval to close a
representative office, that the closing of the office will not be
substantially detrimental to the public convenience and advantage,
the commissioner shall approve the application. If the commissioner
finds otherwise, the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to close a representative office has been approved
and all conditions precedent to the closing have been fulfilled, the
foreign (other nation) credit union may close the office and shall
promptly thereafter surrender to the commissioner the license that
authorized it to maintain the office.


16530.  The approval of an application for approval to establish a
representative office shall be revoked by operation of law if the
applicant foreign (other nation) credit union does not establish and
maintain the office within one year after the date of the approval,
unless prior to the expiration of the one-year period the
commissioner extends the time within which the foreign (other nation)
credit union may establish the representative office.


State Codes and Statutes

Statutes > California > Fin > 16525-16530

FINANCIAL CODE
SECTION 16525-16530



16525.  (a) No foreign (other nation) credit union shall establish
or maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) credit union
unless the foreign (other nation) credit union is licensed to
maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) credit union, the foreign (other nation) credit union
shall be deemed to establish and maintain the office as a
representative office.


16526.  (a) No foreign (other nation) credit union shall establish
or maintain a representative office unless the commissioner shall
have first approved the establishment of the office and issued a
license authorizing the foreign (other nation) credit union to
maintain the office.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) credit union for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the foreign (other nation) credit union, the directors
and executive officers of the foreign (other nation) credit union,
and the proposed management of the office are each of good character
and sound financial standing.
   (2) That the financial history and condition of the foreign (other
nation) credit union are satisfactory.
   (3) That the management of the foreign (other nation) credit union
and the proposed management of the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the foreign (other nation) credit union will operate the
office in compliance with all applicable laws, regulations, and
orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to establish a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office have been fulfilled, the commissioner shall issue the license.




16527.  (a) No foreign (other nation) credit union that is licensed
to maintain a representative office shall relocate the office unless
the commissioner shall have first approved the relocation and issued
a license authorizing the credit union to maintain the office at the
new site.
   (b) (1) In case the new site of a representative 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 the representative office if the commissioner finds that the
relocation of the office will not be substantially detrimental to
the public convenience and advantage.
   (2) In case the new site of a representative office is not 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 the representative office if the commissioner finds both of
the following:
   (i) The relocation of the office from the old site will not be
substantially detrimental to the public convenience and advantage in
the area that is primarily served by the office at the old site.
   (ii) The relocation of the office to the new site will promote the
public convenience and advantage.
   If the commissioner does not make the findings required under
either paragraph (1) or (2), the commissioner shall deny the
application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to relocate a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office at the new site have been fulfilled, the commissioner shall
issue the license.
   (d) Promptly after a foreign (other nation) credit union that is
licensed to maintain a representative office relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license that authorized it to maintain the office at
the old site.



16528.  A foreign (other nation) credit union that is licensed to
maintain a representative office may, subject to any regulations that
the commissioner may prescribe, engage in representational functions
at the office but shall not solicit or accept share accounts or
deposits or otherwise transact business at the office.




16529.  (a) (1) No foreign (other nation) credit union that is
licensed to maintain a representative office 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 representative
office from closing the office in accordance with Article 8
(commencing with Section 16800).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) credit union for approval to close a
representative office, that the closing of the office will not be
substantially detrimental to the public convenience and advantage,
the commissioner shall approve the application. If the commissioner
finds otherwise, the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to close a representative office has been approved
and all conditions precedent to the closing have been fulfilled, the
foreign (other nation) credit union may close the office and shall
promptly thereafter surrender to the commissioner the license that
authorized it to maintain the office.


16530.  The approval of an application for approval to establish a
representative office shall be revoked by operation of law if the
applicant foreign (other nation) credit union does not establish and
maintain the office within one year after the date of the approval,
unless prior to the expiration of the one-year period the
commissioner extends the time within which the foreign (other nation)
credit union may establish the representative office.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 16525-16530

FINANCIAL CODE
SECTION 16525-16530



16525.  (a) No foreign (other nation) credit union shall establish
or maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) credit union
unless the foreign (other nation) credit union is licensed to
maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) credit union, the foreign (other nation) credit union
shall be deemed to establish and maintain the office as a
representative office.


16526.  (a) No foreign (other nation) credit union shall establish
or maintain a representative office unless the commissioner shall
have first approved the establishment of the office and issued a
license authorizing the foreign (other nation) credit union to
maintain the office.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) credit union for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the foreign (other nation) credit union, the directors
and executive officers of the foreign (other nation) credit union,
and the proposed management of the office are each of good character
and sound financial standing.
   (2) That the financial history and condition of the foreign (other
nation) credit union are satisfactory.
   (3) That the management of the foreign (other nation) credit union
and the proposed management of the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the foreign (other nation) credit union will operate the
office in compliance with all applicable laws, regulations, and
orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to establish a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office have been fulfilled, the commissioner shall issue the license.




16527.  (a) No foreign (other nation) credit union that is licensed
to maintain a representative office shall relocate the office unless
the commissioner shall have first approved the relocation and issued
a license authorizing the credit union to maintain the office at the
new site.
   (b) (1) In case the new site of a representative 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 the representative office if the commissioner finds that the
relocation of the office will not be substantially detrimental to
the public convenience and advantage.
   (2) In case the new site of a representative office is not 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 the representative office if the commissioner finds both of
the following:
   (i) The relocation of the office from the old site will not be
substantially detrimental to the public convenience and advantage in
the area that is primarily served by the office at the old site.
   (ii) The relocation of the office to the new site will promote the
public convenience and advantage.
   If the commissioner does not make the findings required under
either paragraph (1) or (2), the commissioner shall deny the
application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to relocate a representative office has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
office at the new site have been fulfilled, the commissioner shall
issue the license.
   (d) Promptly after a foreign (other nation) credit union that is
licensed to maintain a representative office relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license that authorized it to maintain the office at
the old site.



16528.  A foreign (other nation) credit union that is licensed to
maintain a representative office may, subject to any regulations that
the commissioner may prescribe, engage in representational functions
at the office but shall not solicit or accept share accounts or
deposits or otherwise transact business at the office.




16529.  (a) (1) No foreign (other nation) credit union that is
licensed to maintain a representative office 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 representative
office from closing the office in accordance with Article 8
(commencing with Section 16800).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) credit union for approval to close a
representative office, that the closing of the office will not be
substantially detrimental to the public convenience and advantage,
the commissioner shall approve the application. If the commissioner
finds otherwise, the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) credit
union for approval to close a representative office has been approved
and all conditions precedent to the closing have been fulfilled, the
foreign (other nation) credit union may close the office and shall
promptly thereafter surrender to the commissioner the license that
authorized it to maintain the office.


16530.  The approval of an application for approval to establish a
representative office shall be revoked by operation of law if the
applicant foreign (other nation) credit union does not establish and
maintain the office within one year after the date of the approval,
unless prior to the expiration of the one-year period the
commissioner extends the time within which the foreign (other nation)
credit union may establish the representative office.


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