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HomeFinancial CodeDiv. 5Ch. 11Art. 1§ 16011 Foreign Credit Union Offices

§ 16011 Foreign Credit Union Offices

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

§ 16011 Foreign Credit Union Offices

If a credit union from another state opens more than one branch here, it has to pick one branch to be its main office.

Key Takeaways

  • •Applies only to credit unions that are from another state.
  • •The rule kicks in when the credit union has more than one office in the state.
  • •One of those offices must be officially named the primary office.

Example

A credit union from State A gets a license to open two branches in State B.

The credit union must choose one of those two branches and call it its primary office, so regulators know which location is the main one.

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

Official Source
View on CA.gov

§ 16011 Foreign Credit Union Offices

Whenever a foreign (other state) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary office. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit unionprimary office

Related Statutes

  • § 16002 Foreign Credit Union Restrictions
  • § 16003 Foreign Credit Union Branches
  • § 16004 Foreign Credit Union Branches
  • § 16510 Foreign Credit Union Offices
  • § 1380 Bank Agency Activities Definition

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16011.
View Official Source