§ 16151 Foreign Credit Union Examinations

This law lets the commissioner check the books and records of a credit union from another state, either at the commissioner's office or at any of that credit union's offices, as long as the credit union has a branch in this state.

Key Takeaways

•The commissioner can examine out‑of‑state credit unions.
•Examinations can happen at the commissioner's office.
•Examinations can also happen at any office of that credit union, even if the office is outside the state, as long as the credit union has a branch here.

Example

A credit union based in State A opens a branch in State B.

The commissioner in State B can go to the State B branch or come to his own office and look at the credit union's records to make sure everything is being run properly.

The commissioner may make any examination of a foreign (other state) credit union at any office of the commissioner. The commissioner may make an examination of any office, within or outside of this state, of a foreign (other state) credit union that maintains an office in this state. (Amended by Stats. 2003, Ch. 404, Sec. 18. Effective January 1, 2004.)

Key Takeaways

•The commissioner can examine out‑of‑state credit unions.
•Examinations can happen at the commissioner's office.
•Examinations can also happen at any office of that credit union, even if the office is outside the state, as long as the credit union has a branch here.

Example

A credit union based in State A opens a branch in State B.

The commissioner in State B can go to the State B branch or come to his own office and look at the credit union's records to make sure everything is being run properly.

Key Takeaways

Example

Key Terms

References

§ 16151 Foreign Credit Union Examinations

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References