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HomeFinancial CodeDiv. 5Ch. 3Art. 1§ 14205 Credit Union Certificate Revocation

§ 14205 Credit Union Certificate Revocation

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14205 Credit Union Certificate Revocation

This law says the government can take away a credit union's permission to operate if they break the rules or if something bad happens that would have stopped them from getting permission in the first place.

Key Takeaways

  • •Credit unions must follow the rules to stay open.
  • •If a credit union does something bad, the government can close it.
  • •The credit union gets a chance to explain themselves before being shut down.

Example

A credit union starts giving out loans without checking if people can pay them back.

The government can shut down the credit union because they are not following the rules they agreed to.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14205 Credit Union Certificate Revocation

The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit union has violated any provisions of this division or any rule or regulation of the commissioner made pursuant to this division, or if any fact or condition exists which, if it had existed at the time of the original application for certificate, reasonably would have warranted the commissioner in refusing originally to issue such certificate. (Amended by Stats. 1980, Ch. 974, Sec. 5.)

Last verified: January 11, 2026

Key Terms

commissionersuspend or revokecertificatecredit unionviolated any provisionsrule or regulation

Related Statutes

  • § 14204 Credit Union Enforcement Actions
  • § 14211 Credit Union Capital Adequacy
  • § 14212 Commissioner-Called Credit Union Meetings
  • § 18353 Industrial Loan Company Penalties
  • § 14200 Credit Union Oversight Powers

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14205.
View Official Source