California · Financial Code
FIN §16601: (a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner’s approval.
What this law says, in plain English
A credit union from another country must get approval from the commissioner before expanding who it serves in this state.
Read the full statutory text
(a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner’s approval. (b) An application for the commissioner’s approval of an expansion of the field of membership in this state by a foreign (other nation) credit union shall be in the form and contain the information as may be specified, by order or regulation, by the commissioner.
Verify at the official source: California legislative text
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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.