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HomeFinancial CodeDiv. 5Ch. 11Art. 5§ 16075 Foreign Credit Union Relocation

§ 16075 Foreign Credit Union Relocation

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

§ 16075 Foreign Credit Union Relocation

This law says that when an out‑of‑state credit union moves its California branch, it must tell the regulator within 10 days and can’t do business there until it gets a new license.

Key Takeaways

  • •Report the move to the commissioner within 10 days.
  • •Include any information the commissioner requires.
  • •Do not do business at the new spot until a license is issued for that location.

Example

A credit union based in Oregon moves its California branch from Los Angeles to San Diego.

The credit union has to send a report to the California commissioner within 10 days of the move with whatever information the commissioner asks for, and it must wait until the commissioner gives it a license before it can start serving customers at the San Diego location.

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

Official Source
View on CA.gov

§ 16075 Foreign Credit Union Relocation

Within 10 days of relocating a California branch office or California facility, a foreign (other state) credit union shall file a report with the commissioner which contains the information specified by the commissioner by regulation or order. The foreign (other state) credit union shall not conduct business at the new location of the California branch office or California facility without a license issued by the commissioner for the new location. (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 officeCalifornia facilitycommissionerlicense

Related Statutes

  • § 16077 Foreign Credit Union License Surrender
  • § 16006 Foreign Credit Union Branch Fees
  • § 16007 Foreign Credit Union Service
  • § 16021 Foreign Credit Union Branches
  • § 16024 Foreign Credit Union Licensing

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16075.
View Official Source