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HomeFinancial CodeDiv. 5Ch. 12Art. 7§ 16700 Foreign Credit Union Oversight

§ 16700 Foreign Credit Union Oversight

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

§ 16700 Foreign Credit Union Oversight

This law lets the commissioner look at the books, accounts, and other records of a foreign credit union and any of its subsidiaries whenever they want, and they can go into any of the credit union’s offices to do it.

Key Takeaways

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

Example

A foreign credit union that operates in the state is suspected of not keeping proper records of its members' deposits.

The commissioner can walk into any of the credit union’s offices, open its ledgers and computer files, and check the records without needing a special permission.

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

Official Source
View on CA.gov

§ 16700 Foreign Credit Union Oversight

(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other nation) credit union and of any subsidiary thereof. (b) The commissioner and any person designated by the commissioner shall have free access to any office of the foreign (other nation) credit union and to its books, accounts, and other records. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

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

Related Statutes

  • § 16701 Foreign Credit Union Examinations
  • § 16702 Foreign Credit Union Reports
  • § 16704 Foreign Credit Union Records
  • § 16506 Foreign Credit Union Licensing
  • § 16511 Foreign Credit Union Offices

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16700.
View Official Source