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HomeFinancial CodeDiv. 5Ch. 11Art. 1§ 16001 Credit Union Branch Definitions

§ 16001 Credit Union Branch Definitions

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

§ 16001 Credit Union Branch Definitions

This law defines the special words used when a credit union from another state or another country does business in California.

Key Takeaways

  • •“Branch business” is the usual banking stuff like taking deposits, paying checks, and making loans.
  • •A “California branch office” is a location in California where a credit union from another state does that branch business.
  • •A “California facility” is a location in California where a foreign‑state credit union does other work that isn’t branch business, like just giving information.
  • •“Foreign nation” means any country that isn’t the United States, and “foreign (other nation) credit union” is a credit union organized under that country’s laws.
  • •“Foreign (other state) credit union” is a credit union organized under the laws of any U.S. state that isn’t California.
  • •“Home state” is the state where the foreign‑state credit union was created, and the “home state regulator” is that state’s agency that watches over the credit union.

Example

A credit union that is organized in Texas wants to open a place in Los Angeles where members can deposit money and get loans.

Because the Texas credit union is doing the same activities as a regular bank branch, the law calls that place a “California branch office.” The law tells us exactly what that means and how it is different from other kinds of offices.

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

Official Source
View on CA.gov

§ 16001 Credit Union Branch Definitions

In this chapter: (a) “Branch business” means the business of issuing share accounts, certificates for funds, and share drafts, receiving deposits, paying checks, making loans and other obligations, and other activities that the commissioner may specify by order or regulation. (b) “California branch office,” when used with respect to a foreign (other state) credit union, means an office in this state at which the foreign (other state) credit union engages in branch business. (c) (1) “California facility,” when used with respect to a foreign (other state) credit union, means an office in this state at which the foreign (other state) credit union engages in business other than branch business. (2) In the case of an employer-supported foreign (other state) credit union, a “California facility” does not include a table, counter, or booth on the premises of the employer’s place of business at which a volunteer of the foreign (other state) credit union provides information or services to members but does not engage in branch business. (d) “Foreign nation” means any nation other than the United States, including, without limitation, any subdivision, territory, trust territory, dependency, colony, or possession of any nation other than the United States. (e) “Foreign (other nation) credit union” means any credit union or similar institution that is organized under the laws of a foreign nation. (f) “Foreign (other state) credit union” means a credit union that is organized under the laws of any state of the United States other than this state. (g) “Home state,” when used with respect to a foreign (other state) credit union, means the state of the United States under which the foreign (other state) credit union is organized. (h) “Home state regulator,” when used with respect to a foreign (other state) credit union, means the state regulatory agency in the home state of the foreign (other state) credit union which has primary regulatory authority over the foreign (other state) credit union. (i) “State of the United States” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

branch businessCalifornia branch officeforeign (other state) credit union

Related Statutes

  • § 16006 Foreign Credit Union Branch Fees
  • § 16007 Foreign Credit Union Service
  • § 16013 Foreign Credit Union Conflicts
  • § 16003 Foreign Credit Union Branches
  • § 16004 Foreign Credit Union Branches

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16001.
View Official Source