State Codes and Statutes

Statutes > California > Fin > 16550-16555

FINANCIAL CODE
SECTION 16550-16555



16550.  (a) No foreign (other nation) credit union shall transact
business in this state except at a branch office or agency that it is
licensed to maintain and at which it is permitted by this chapter to
transact the business transacted.
   (b) Subdivision (a) shall not be deemed to prohibit any of the
following:
   (1) Any foreign (other nation) credit union from carrying on the
activities described in subdivision (d) of Section 191 of the
Corporations Code.
   (2) The advertising or solicitation of shares or deposits in this
state by a foreign (other nation) credit union made through the media
of the mail, radio, television, magazines, newspapers, the Internet,
or similar media, provided that shares or deposits are not accepted
or received in this state.
   (3) The acceptance of loan applications through agents in this
state, provided the loan applications are approved or rejected, and
the loans are funded, outside of this state.
   (c) For the purposes of subdivision (a), no foreign (other nation)
credit union shall be deemed to be transacting business in this
state merely because a majority-owned subsidiary transacts business
in this state.



16551.  No foreign (other nation) credit union shall be licensed to
maintain a branch office or agency unless it is qualified to transact
intrastate business in this state under Chapter 21 (commencing with
Section 2100) of Division 1 of Title 1 of the Corporations Code,
except as provided in Section 8910 of the Corporations Code.




16552.  (a) No foreign (other nation) credit union shall establish
or maintain a branch office or agency unless the commissioner shall
have first approved its establishment and issued a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency.
   (b) If the commissioner finds all of the following with respect to
an application by a foreign (other nation) credit union for approval
to establish a branch office or agency, the commissioner shall
approve the application:
   (1) That the foreign (other nation) credit union, the directors
and 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 a safe and sound manner and in compliance with all
applicable laws, regulations, and orders.
   (5) That the foreign (other nation) credit union's plan to
establish and to maintain the office affords reasonable promise of
successful operation.
   (6) That the foreign (other nation) credit union's establishment
and maintenance of the office will promote the public convenience and
advantage, and is necessary or convenient to meet the needs of the
foreign (other nation) credit union's members.
   (7) Not more than 50 percent of the members of the foreign (other
nation) credit union are or will be residents of this state.
   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 branch office or agency has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency have been fulfilled, the commissioner shall
issue the license.



16553.  The approval of an application for approval to establish a
branch office or agency 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 branch office or agency.



16554.  (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.
   (B) That the relocation of the office will not be substantially
detrimental to the public convenience and advantage, or that the
relocation is necessary in the interests of the safety and soundness
of the foreign (other nation) credit union.
   (2) In case the new site of the 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 a branch
office or agency if the commissioner finds all of the following:
   (A) That the foreign (other nation) credit union's plan to
relocate the office and to maintain the office at the new site
affords reasonable promise of successful operation.
   (B) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area which is primarily served by the office at the old site,
or that the relocation is necessary in the interests of the safety
and soundness of the foreign (other nation) credit union.
   (C) That the relocation of the office to the new site will promote
the public convenience and advantage.
   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 relocate a branch office or agency 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 branch office or agency relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license which authorized it to maintain the office
at the old site.


16555.  (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:
   (1) That it will not be unsafe or unsound for the foreign (other
nation) credit union to close the office.
   (2) That the closing of the office will not be substantially
detrimental to the public convenience and advantage or that the
closing of the office is necessary in the interests of the safety and
soundness of the foreign (other nation) credit union.
   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 branch office or agency 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 which authorized it to maintain the office.


State Codes and Statutes

Statutes > California > Fin > 16550-16555

FINANCIAL CODE
SECTION 16550-16555



16550.  (a) No foreign (other nation) credit union shall transact
business in this state except at a branch office or agency that it is
licensed to maintain and at which it is permitted by this chapter to
transact the business transacted.
   (b) Subdivision (a) shall not be deemed to prohibit any of the
following:
   (1) Any foreign (other nation) credit union from carrying on the
activities described in subdivision (d) of Section 191 of the
Corporations Code.
   (2) The advertising or solicitation of shares or deposits in this
state by a foreign (other nation) credit union made through the media
of the mail, radio, television, magazines, newspapers, the Internet,
or similar media, provided that shares or deposits are not accepted
or received in this state.
   (3) The acceptance of loan applications through agents in this
state, provided the loan applications are approved or rejected, and
the loans are funded, outside of this state.
   (c) For the purposes of subdivision (a), no foreign (other nation)
credit union shall be deemed to be transacting business in this
state merely because a majority-owned subsidiary transacts business
in this state.



16551.  No foreign (other nation) credit union shall be licensed to
maintain a branch office or agency unless it is qualified to transact
intrastate business in this state under Chapter 21 (commencing with
Section 2100) of Division 1 of Title 1 of the Corporations Code,
except as provided in Section 8910 of the Corporations Code.




16552.  (a) No foreign (other nation) credit union shall establish
or maintain a branch office or agency unless the commissioner shall
have first approved its establishment and issued a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency.
   (b) If the commissioner finds all of the following with respect to
an application by a foreign (other nation) credit union for approval
to establish a branch office or agency, the commissioner shall
approve the application:
   (1) That the foreign (other nation) credit union, the directors
and 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 a safe and sound manner and in compliance with all
applicable laws, regulations, and orders.
   (5) That the foreign (other nation) credit union's plan to
establish and to maintain the office affords reasonable promise of
successful operation.
   (6) That the foreign (other nation) credit union's establishment
and maintenance of the office will promote the public convenience and
advantage, and is necessary or convenient to meet the needs of the
foreign (other nation) credit union's members.
   (7) Not more than 50 percent of the members of the foreign (other
nation) credit union are or will be residents of this state.
   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 branch office or agency has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency have been fulfilled, the commissioner shall
issue the license.



16553.  The approval of an application for approval to establish a
branch office or agency 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 branch office or agency.



16554.  (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.
   (B) That the relocation of the office will not be substantially
detrimental to the public convenience and advantage, or that the
relocation is necessary in the interests of the safety and soundness
of the foreign (other nation) credit union.
   (2) In case the new site of the 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 a branch
office or agency if the commissioner finds all of the following:
   (A) That the foreign (other nation) credit union's plan to
relocate the office and to maintain the office at the new site
affords reasonable promise of successful operation.
   (B) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area which is primarily served by the office at the old site,
or that the relocation is necessary in the interests of the safety
and soundness of the foreign (other nation) credit union.
   (C) That the relocation of the office to the new site will promote
the public convenience and advantage.
   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 relocate a branch office or agency 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 branch office or agency relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license which authorized it to maintain the office
at the old site.


16555.  (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:
   (1) That it will not be unsafe or unsound for the foreign (other
nation) credit union to close the office.
   (2) That the closing of the office will not be substantially
detrimental to the public convenience and advantage or that the
closing of the office is necessary in the interests of the safety and
soundness of the foreign (other nation) credit union.
   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 branch office or agency 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 which authorized it to maintain the office.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 16550-16555

FINANCIAL CODE
SECTION 16550-16555



16550.  (a) No foreign (other nation) credit union shall transact
business in this state except at a branch office or agency that it is
licensed to maintain and at which it is permitted by this chapter to
transact the business transacted.
   (b) Subdivision (a) shall not be deemed to prohibit any of the
following:
   (1) Any foreign (other nation) credit union from carrying on the
activities described in subdivision (d) of Section 191 of the
Corporations Code.
   (2) The advertising or solicitation of shares or deposits in this
state by a foreign (other nation) credit union made through the media
of the mail, radio, television, magazines, newspapers, the Internet,
or similar media, provided that shares or deposits are not accepted
or received in this state.
   (3) The acceptance of loan applications through agents in this
state, provided the loan applications are approved or rejected, and
the loans are funded, outside of this state.
   (c) For the purposes of subdivision (a), no foreign (other nation)
credit union shall be deemed to be transacting business in this
state merely because a majority-owned subsidiary transacts business
in this state.



16551.  No foreign (other nation) credit union shall be licensed to
maintain a branch office or agency unless it is qualified to transact
intrastate business in this state under Chapter 21 (commencing with
Section 2100) of Division 1 of Title 1 of the Corporations Code,
except as provided in Section 8910 of the Corporations Code.




16552.  (a) No foreign (other nation) credit union shall establish
or maintain a branch office or agency unless the commissioner shall
have first approved its establishment and issued a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency.
   (b) If the commissioner finds all of the following with respect to
an application by a foreign (other nation) credit union for approval
to establish a branch office or agency, the commissioner shall
approve the application:
   (1) That the foreign (other nation) credit union, the directors
and 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 a safe and sound manner and in compliance with all
applicable laws, regulations, and orders.
   (5) That the foreign (other nation) credit union's plan to
establish and to maintain the office affords reasonable promise of
successful operation.
   (6) That the foreign (other nation) credit union's establishment
and maintenance of the office will promote the public convenience and
advantage, and is necessary or convenient to meet the needs of the
foreign (other nation) credit union's members.
   (7) Not more than 50 percent of the members of the foreign (other
nation) credit union are or will be residents of this state.
   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 branch office or agency has been
approved and all conditions precedent to the issuance of a license
authorizing the foreign (other nation) credit union to maintain the
branch office or agency have been fulfilled, the commissioner shall
issue the license.



16553.  The approval of an application for approval to establish a
branch office or agency 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 branch office or agency.



16554.  (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.
   (B) That the relocation of the office will not be substantially
detrimental to the public convenience and advantage, or that the
relocation is necessary in the interests of the safety and soundness
of the foreign (other nation) credit union.
   (2) In case the new site of the 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 a branch
office or agency if the commissioner finds all of the following:
   (A) That the foreign (other nation) credit union's plan to
relocate the office and to maintain the office at the new site
affords reasonable promise of successful operation.
   (B) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area which is primarily served by the office at the old site,
or that the relocation is necessary in the interests of the safety
and soundness of the foreign (other nation) credit union.
   (C) That the relocation of the office to the new site will promote
the public convenience and advantage.
   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 relocate a branch office or agency 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 branch office or agency relocates the office,
the foreign (other nation) credit union shall surrender to the
commissioner the license which authorized it to maintain the office
at the old site.


16555.  (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:
   (1) That it will not be unsafe or unsound for the foreign (other
nation) credit union to close the office.
   (2) That the closing of the office will not be substantially
detrimental to the public convenience and advantage or that the
closing of the office is necessary in the interests of the safety and
soundness of the foreign (other nation) credit union.
   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 branch office or agency 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 which authorized it to maintain the office.


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