LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 5Ch. 11Art. 2§ 16021 Foreign Credit Union Branches

§ 16021 Foreign Credit Union Branches

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

§ 16021 Foreign Credit Union Branches

This law says a credit union from another state can only open a new California branch if the state commissioner approves it and gives a license, but branches that were already open before Jan 1 2001 are allowed to stay.

Key Takeaways

  • •New out‑of‑state credit‑union branches in California need commissioner approval and a license.
  • •Branches that were already in California before Jan 1 2001 are exempt and can keep operating.
  • •The rule only applies to credit unions, not banks or other financial firms.

Example

A credit union from Nevada wants to open a new branch in Los Angeles.

The Nevada credit union must first get the California commissioner’s okay and a special license before it can start the Los Angeles branch. If that branch had already been opened before Jan 1 2001, it could keep operating without a new license.

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

Official Source
View on CA.gov

§ 16021 Foreign Credit Union Branches

(a) No foreign (other state) credit union shall establish or maintain a California branch office unless the commissioner shall have first approved its establishment and issued a license authorizing the foreign (other state) credit union to maintain the California branch office. (b) Notwithstanding subdivision (a), this article does not apply to any branch office or other office in this state of a foreign (other state) credit union that was established prior to January 1, 2001, in compliance with existing law. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other state) credit unionCalifornia branch officecommissionerlicenseJanuary 1, 2001

Related Statutes

  • § 16024 Foreign Credit Union Licensing
  • § 16075 Foreign Credit Union Relocation
  • § 16077 Foreign Credit Union License Surrender
  • § 16006 Foreign Credit Union Branch Fees
  • § 16007 Foreign Credit Union Service

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16021.
View Official Source