§ 16076 Foreign Credit Union Closure Notice

This law says that an out‑of‑state credit union must tell the state regulator at least 30 days before it shuts down a California branch or facility.

Key Takeaways

•The rule only applies to credit unions that are from another state.
•They must give a minimum of 30 days’ notice before closing a California location.
•The notice must be a report that contains the information the commissioner requires by regulation or order.

Example

A credit union based in Arizona decides to close its San Diego branch.

Before the branch closes, the Arizona credit union has to send a report to the California commissioner at least 30 days ahead of the shutdown, and the report must include whatever details the commissioner asks for.

Not less than 30 days before a foreign (other state) credit union discontinues a California branch office or California facility, it shall file a report with the commissioner which contains the information specified by the commissioner by regulation or order. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

This law says that an out‑of‑state credit union must tell the state regulator at least 30 days before it shuts down a California branch or facility.

Key Takeaways

•The rule only applies to credit unions that are from another state.
•They must give a minimum of 30 days’ notice before closing a California location.
•The notice must be a report that contains the information the commissioner requires by regulation or order.

Example

A credit union based in Arizona decides to close its San Diego branch.

Key Takeaways

Example

Key Terms

References

§ 16076 Foreign Credit Union Closure Notice

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References