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HomeFinancial CodeDiv. 5Ch. 11Art. 7§ 16150 Foreign Credit Union Investigations

§ 16150 Foreign Credit Union Investigations

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

§ 16150 Foreign Credit Union Investigations

This law lets the state commissioner look into the business and records of a credit union that comes from another state, and go into any of its offices whenever needed.

Key Takeaways

  • •The commissioner can start an investigation at any time.
  • •They can examine books, accounts, and other records of out‑of‑state credit unions and their subsidiaries.
  • •The commissioner (or someone they pick) can go into any office of those credit unions and look at the records.

Example

A credit union based in another state opens a branch in our state and keeps its financial records in a local office.

The commissioner can walk into that office, look at the ledgers, bank statements, and any other paperwork to make sure everything is being run properly.

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

Official Source
View on CA.gov

§ 16150 Foreign Credit Union Investigations

(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other state) credit union and of any subsidiary thereof. (b) The commissioner and any person designated by him or her shall have free access to any office of the foreign (other state) credit union and to its books, accounts, and other records. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

commissionerforeign (other state) credit unionbooks, accounts, and other records

Related Statutes

  • § 16151 Foreign Credit Union Examinations
  • § 16152 Foreign Credit Union Reports
  • § 16153 Foreign Credit Union Reports
  • § 16154 Foreign Credit Union Records
  • § 16006 Foreign Credit Union Branch Fees

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16150.
View Official Source