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HomeFinancial CodeDiv. 5Ch. 12Art. 6§ 16600 Foreign Credit Union Activities

§ 16600 Foreign Credit Union Activities

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

§ 16600 Foreign Credit Union Activities

This law says a foreign credit union that gets a license to have an office here can only do things that are allowed by both its home country's laws and the laws of this state.

Key Takeaways

  • •The credit union must have a state license to operate an office.
  • •It can only do activities that both its home country and this state say are okay.
  • •It cannot do anything that is illegal or not allowed in either the home country or this state.

Example

A credit union from Canada gets a license to open a branch in California.

The Canadian credit union can offer checking accounts and loans in its California office only if those services are legal in Canada and also legal in California. If Canadian law doesn’t let it sell insurance, it can’t sell insurance in the California office, even if California would allow it.

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

Official Source
View on CA.gov

§ 16600 Foreign Credit Union Activities

(a) A foreign (other nation) credit union that has a license to establish and maintain an office may engage in activities at the office as may be authorized under applicable laws of its home country and the laws of this state. (b) Nothing in subdivision (a) authorizes a foreign (other nation) credit union to engage in any activity at an office that it is not authorized to engage in or is prohibited from engaging in under the law of its home country, or that credit unions organized under the laws of this state are not authorized to engage in or are prohibited from engaging in under the laws of this state. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other nation) credit unionlicensehome countrylaws of this state

Related Statutes

  • § 16602 Foreign Credit Union Rules
  • § 16603 Foreign Credit Union Exemption
  • § 16604 Foreign Credit Union Assets
  • § 16607 Foreign Credit Union Assets
  • § 16800 Foreign Credit Union License Surrender

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16600.
View Official Source