California · Financial Code

FIN §16551: No foreign (other nation) credit union shall be licensed to maintain a branch office or agency unless it is qualified to transact intrastate business in this state under Chapter 21 (commencing with Se

What this law says, in plain English

Foreign credit unions cannot open branch offices or agencies in this state unless they meet qualification requirements for intrastate business under Chapter 21.

Read the full statutory text

No foreign (other nation) credit union shall be licensed to maintain a branch office or agency unless it is qualified to transact intrastate business in this state under Chapter 21 (commencing with Section 2100) of Division 1 of Title 1 of the Corporations Code, except as provided in Section 8910 of the Corporations Code.

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