§ 16077 Foreign Credit Union License Surrender

Financial Code·California

AI SummaryVerified

When a credit union from another state moves or shuts down its California branch, it must quickly give back the license that let it operate that branch.

Key Takeaways

•Only credit unions from other states are covered.
•The rule kicks in when the branch is moved or closed.
•The license must be surrendered right away to the state commissioner.

Example

A credit union based in Oregon has a branch in San Diego. The Oregon credit union decides to close the San Diego branch.

After the San Diego branch is closed, the Oregon credit union must promptly hand over the branch's operating license to the California commissioner.

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

Official Source

View on CA.gov

§ 16077 Foreign Credit Union License Surrender

Promptly after a foreign (other state) credit union relocates or discontinues a California branch office or California facility pursuant to this article, the foreign (other state) credit union shall surrender to the commissioner the license which authorized the foreign (other state) credit union to maintain the California branch office or California facility at the old or discontinued site. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other state) credit union California branch office California facility license commissioner

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 16077.

Key Takeaways

Example

Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References