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HomeFinancial CodeDiv. 5Ch. 11Art. 1§ 16002 Foreign Credit Union Restrictions

§ 16002 Foreign Credit Union Restrictions

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

§ 16002 Foreign Credit Union Restrictions

This law says a credit union from another country is not allowed to do business in this state.

Key Takeaways

  • •Foreign (out‑of‑country) credit unions cannot do business in the state.
  • •The state law does not give them permission to operate.
  • •If a foreign credit union wants to work here, it must get a different kind of approval.

Example

A credit union based in Canada tries to open a savings account for people who live in this state.

Because the law says foreign credit unions can't transact business here, the Canadian credit union would have to stop trying to open accounts or face legal trouble.

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

Official Source
View on CA.gov

§ 16002 Foreign Credit Union Restrictions

Nothing in this chapter shall be deemed to authorize a foreign (other nation) credit union to transact business in this state. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit uniontransact business

Related Statutes

  • § 16003 Foreign Credit Union Branches
  • § 16004 Foreign Credit Union Branches
  • § 16011 Foreign Credit Union Offices
  • § 1380 Bank Agency Activities Definition
  • § 1381 Bank Agency Activity Exemption

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16002.
View Official Source