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HomeFinancial CodeDiv. 5Ch. 11Art. 1§ 16003 Foreign Credit Union Branches

§ 16003 Foreign Credit Union Branches

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

§ 16003 Foreign Credit Union Branches

This law says a credit union from another state can't open or keep a branch in California unless it meets California's rules for doing business inside the state, with a special exception listed elsewhere.

Key Takeaways

  • •Out‑of‑state credit unions need California approval before opening a branch.
  • •They must be qualified to do business inside California under Chapter 21 of the Corporations Code.
  • •There is an exception that might allow a branch under Section 8910 of the Corporations Code.

Example

A credit union based in Texas wants to open a new branch in San Francisco.

Because the credit union is from another state, it must first qualify under California's intrastate business rules (Chapter 21 of the Corporations Code) before it can open the San Francisco branch. If it doesn't meet those rules, it can't open the branch unless the special exception in Section 8910 applies.

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

Official Source
View on CA.gov

§ 16003 Foreign Credit Union Branches

No foreign (other state) credit union may establish or maintain a California branch office or California facility unless it is qualified to transact intrastate business 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. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit unionCalifornia branch officeintrastate businessChapter 21Section 8910

Related Statutes

  • § 16004 Foreign Credit Union Branches
  • § 16551 Foreign Credit Union Licensing
  • § 16001 Credit Union Branch Definitions
  • § 16002 Foreign Credit Union Restrictions
  • § 16006 Foreign Credit Union Branch Fees

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16003.
View Official Source