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HomeFinancial CodeDiv. 5Ch. 12Art. 2§ 16528 Foreign Credit Union Offices

§ 16528 Foreign Credit Union Offices

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

§ 16528 Foreign Credit Union Offices

This law lets a foreign credit union have a small office in the state, but that office can only give information and cannot take people's money or do any banking business.

Key Takeaways

  • •A foreign credit union may have a representative office in the state.
  • •The office can only do representational (informational) functions.
  • •It cannot solicit or accept share accounts, deposits, or conduct any other banking business.
  • •The office must follow any rules the commissioner sets.

Example

A credit union from Canada opens a representative office in a California city.

The Canadian credit union can staff the office to answer questions and explain its services, but it cannot ask anyone to open an account, take deposits, or do any other banking transactions there.

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

Official Source
View on CA.gov

§ 16528 Foreign Credit Union Offices

A foreign (other nation) credit union that is licensed to maintain a representative office may, subject to any regulations that the commissioner may prescribe, engage in representational functions at the office but shall not solicit or accept share accounts or deposits or otherwise transact business at the office. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit unionrepresentative officerepresentational functionssolicit or accept share accountstransact business

Related Statutes

  • § 1783 Foreign Bank Representative Offices
  • § 16525 Foreign Credit Union Offices
  • § 16529 Foreign Credit Union Office Closure
  • § 16530 Foreign Credit Union Office Deadline
  • § 1420 Bank And Credit Union Definitions

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16528.
View Official Source