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HomeFinancial CodeDiv. 5Ch. 11Art. 1§ 16012 Foreign Credit Union Offices

§ 16012 Foreign Credit Union Offices

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

§ 16012 Foreign Credit Union Offices

This law says a credit union from another state must do all its work in one building or right‑next‑door buildings, unless it tells the commissioner first and keeps any extra work nearby.

Key Takeaways

  • •The credit union must be licensed to have a branch.
  • •All business must be in one building or adjoining buildings.
  • •It can have some business in another nearby place only after giving notice to the commissioner.

Example

A credit union from State A opens a branch in City B. It runs its teller services, loans, and offices all inside one building. Later it wants to put a small loan desk in a nearby office building.

The credit union can only put that extra desk in the nearby building if it notifies the commissioner ahead of time; otherwise everything has to stay in the original building or the building right next to it.

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

Official Source
View on CA.gov

§ 16012 Foreign Credit Union Offices

Each foreign (other state) credit union that is licensed to establish an office shall conduct all of the business of the office in a single building or in adjoining buildings. However, with prior to notice to the commissioner, the foreign (other state) credit union may conduct part of the business of the office elsewhere in the same vicinity. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other state) credit unionsingle buildingadjoining buildingsprior to notice to the commissionersame vicinity

Related Statutes

  • § 16511 Foreign Credit Union Offices
  • § 1767 Foreign Bank Office Location
  • § 16001 Credit Union Branch Definitions
  • § 16006 Foreign Credit Union Branch Fees
  • § 16007 Foreign Credit Union Service

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16012.
View Official Source