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HomeFinancial CodeDiv. 5Ch. 11Art. 2§ 16024 Foreign Credit Union Licensing

§ 16024 Foreign Credit Union Licensing

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

§ 16024 Foreign Credit Union Licensing

This law says a credit union from another state must tell the California commissioner within 30 days that it wants to open a branch, and it can’t start working there until it gets a license.

Key Takeaways

  • •Notify the commissioner in writing within 30 days of planning a California branch.
  • •The notice must include the branch location, planned activities, and any other info the commissioner asks for.
  • •The credit union cannot start business at the new site until a license is issued.

Example

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

The Nevada credit union must send a written notice to the California commissioner within 30 days, saying where the branch will be and what it will do. It must wait until the commissioner gives it a license before it can start taking deposits or giving loans.

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

Official Source
View on CA.gov

§ 16024 Foreign Credit Union Licensing

(a) Within 30 days of establishing a California facility, a foreign (other state) credit union shall notify the commissioner in writing of its intent to establish a California facility. The notice shall identify the proposed location of the facility, describe its proposed activities, and contain any other information which the commissioner may by regulation or order specify. (b) A foreign (other state) credit union shall not commence business at a proposed facility without a license having been issued by the commissioner. (Amended by Stats. 2001, Ch. 159, Sec. 93. Effective January 1, 2002.)

Last verified: January 11, 2026

Key Terms

foreign (other state) credit unionCalifornia facilitycommissionerlicense

Related Statutes

  • § 16021 Foreign Credit Union Branches
  • § 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 16024.
View Official Source