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HomeFinancial CodeDiv. 5Ch. 12Art. 3§ 16553 Foreign Credit Union Branches

§ 16553 Foreign Credit Union Branches

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

§ 16553 Foreign Credit Union Branches

This law says a foreign credit union’s permission to open a branch is automatically cancelled if they don’t actually open the branch within one year, unless the commissioner gives them more time before the year is up.

Key Takeaways

  • •The approval expires automatically after one year if the branch isn’t opened.
  • •The commissioner can extend the deadline before the one‑year period ends.
  • •If no extension is granted, the permission is cancelled by law.

Example

A credit union from Canada gets approval on March 1, 2023, to open a branch in California. They don’t open the branch by March 1, 2024.

Because they didn’t open the branch within a year, their approval is automatically revoked on March 1, 2024, unless the commissioner had granted an extension before that date.

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

Official Source
View on CA.gov

§ 16553 Foreign Credit Union Branches

The approval of an application for approval to establish a branch office or agency 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 branch office or agency. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

approvalbranch office or agencyrevoked by operation of lawone yearcommissionerextension

Related Statutes

  • § 16554 Foreign Credit Union Relocation
  • § 16555 Foreign Credit Union Closure
  • § 16550 Foreign Credit Union Operations
  • § 1426 Commissioner Information Gathering
  • § 1428 Withdrawal Period Exceptions

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16553.
View Official Source