LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 5Ch. 12Art. 2§ 16530 Foreign Credit Union Office Deadline

§ 16530 Foreign Credit Union Office Deadline

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

§ 16530 Foreign Credit Union Office Deadline

This law says a foreign credit union must open its representative office within one year of getting approval, or the approval gets canceled automatically.

Key Takeaways

  • •Foreign credit unions have one year to open their office after approval.
  • •If they don't open on time, the approval is automatically canceled.
  • •They can ask for more time before the one-year deadline.

Example

A credit union from Canada gets approval to open an office in California on January 1, 2023.

If they don't open the office by January 1, 2024, their approval is automatically canceled unless they ask for more time before the deadline.

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

Official Source
View on CA.gov

§ 16530 Foreign Credit Union Office Deadline

The approval of an application for approval to establish a representative office shall be revoked by operation of law if the applicant foreign (other nation) credit union does not establish and maintain the office within one year after the date of the approval, unless prior to the expiration of the one-year period the commissioner extends the time within which the foreign (other nation) credit union may establish the representative office. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

representative officeforeign (other nation) credit unioncommissionerone-year period

Related Statutes

  • § 16529 Foreign Credit Union Office Closure
  • § 16525 Foreign Credit Union Offices
  • § 1426 Commissioner Information Gathering
  • § 1428 Withdrawal Period Exceptions
  • § 16506 Foreign Credit Union Licensing

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16530.
View Official Source