§ 16204 Foreign Credit Union License Surrender

Financial Code·California

AI SummaryVerified

If a credit union from another state has its license taken away or put on hold, it must give that license back to the state commissioner right away.

Key Takeaways

•Only applies to credit unions from other states.
•If the license is suspended or revoked, the credit union must surrender it right away.
•The surrender is to the state commissioner.

Example

A credit union based in State A opens a branch in State B, but State B suspends its license because it broke a rule.

The credit union has to hand over its license to the State B commissioner immediately, instead of waiting or trying to keep it.

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

Official Source

View on CA.gov

§ 16204 Foreign Credit Union License Surrender

Any foreign (other state) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner. (Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit union license suspended or revoked surrender commissioner

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 16204.

Key Takeaways

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Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References