CHAPTER 12. Foreign (Other Nation) Credit Unions [16500. - 16906.]

Heading of Chapter 12 renumbered from Chapter 11 by Stats. 2002, Ch. 734, Sec. 43.

§§ 16500–16906 · 46 sections

1. ARTICLE 1. General Provisions §§ 16500–16512 · 13 sections

   • § 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…
   • § 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…
   • § 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…
   • § 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…
   • § 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)…
   • § 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…
   • § 16507 In administering the provisions of this chapter, the commissioner may share information with federal and home country regulators of foreign (other nation)…
   • § 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…
   • § 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…
   • § 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…
2. ARTICLE 2. Representative Offices §§ 16525–16530 · 6 sections

   • § 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…
   • § 16526 (a) No foreign (other nation) credit union shall establish or maintain a representative office unless the commissioner shall have first approved the…
   • § 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…
   • § 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,…
   • § 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…
   • § 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)…
3. ARTICLE 3. Branch Offices and Agencies §§ 16550–16555 · 6 sections

   • § 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…
   • § 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…
   • § 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…
   • § 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)…
   • § 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…
   • § 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…
4. ARTICLE 6. Conduct of Credit Union Business §§ 16600–16607 · 7 sections

   • § 16600 (a) A foreign (other nation) credit union that has a license to establish and maintain an office may engage in activities at the office as may be authorized…
   • § 16601 (a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner’s approval. (b) An…
   • § 16602 (a) The following provisions of this code apply to a foreign (other nation) credit union that maintains a branch office or agency with respect to its business…
   • § 16603 (a) Any foreign (other nation) credit union that is authorized to and does maintain a branch office or agency is exempted from the restrictions of Section 1 of…
   • § 16604 (a) A foreign (other nation) credit union which is licensed to establish and maintain an office or offices shall keep the assets of the offices separate and…
   • § 16605 (a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) credit union, means the liabilities of the foreign (other…
   • § 16607 (a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) credit union that is licensed to maintain a branch office,…
5. ARTICLE 7. Examination, Reports, and Records §§ 16700–16704 · 5 sections

   • § 16700 (a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other nation) credit union…
   • § 16701 The commissioner may make an examination of a foreign (other nation) credit union at any office of the commissioner. The commissioner may make an examination…
   • § 16702 (a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file with the…
   • § 16703 A foreign (other nation) credit union shall file with the commissioner any other report as the commissioner may from time to time require. Each report shall be…
   • § 16704 Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at that office, or at any other place that the commissioner…
6. ARTICLE 8. Voluntary Surrender of License § 16800 · 1 section

   • § 16800 (a) A foreign (other nation) credit union that is licensed to maintain an office may voluntarily surrender the license for the office by filing the license and…
7. ARTICLE 9. Enforcement §§ 16900–16906 · 8 sections

   • § 16900 (a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce compliance with,…
   • § 16900.5 (a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate, Section 16020,…
   • § 16901 If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued under this…
   • § 16902 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…
   • § 16903 (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union that is…
   • § 16904 Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner.
   • § 16905 (a) Any foreign (other nation) credit union to which an order is issued under Section 16902 and 16903 may apply to the commissioner to modify or rescind the…
   • § 16906 (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union which is…