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HomeFinancial CodeDiv. 5Ch. 12Art. 6§ 16602 Foreign Credit Union Rules

§ 16602 Foreign Credit Union Rules

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

§ 16602 Foreign Credit Union Rules

This law says that foreign credit unions operating in the state must follow the same rules as local credit unions for certain activities.

Key Takeaways

  • •Foreign credit unions must follow many of the same rules as local ones when operating in the state.
  • •This includes rules about loans, customer protection, and how they handle money.
  • •The law lists specific sections that apply to foreign credit unions.

Example

A credit union from another country opens a branch in the state and offers loans to customers.

This foreign credit union must follow the same loan rules as local credit unions, like how they handle loans and treat customers.

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

Official Source
View on CA.gov

§ 16602 Foreign Credit Union Rules

(a) The following provisions of this code apply to a foreign (other nation) credit union that maintains a branch office or agency with respect to its business in this state as if the foreign (other nation) credit union were a credit union organized under the laws of this state: (1) Section 14203. (2) Section 14204. (3) Section 14208. (4) Section 14210. (5) Section 14256. (6) Section 14409. (7) Section 14409.2. (8) Section 14602. (9) Section 14652.5. (10) Section 14655, to the extent promissory notes of the type described in this section are carried on the books of a branch office of a foreign (other nation) credit union. (11) Section 14656, to the extent promissory notes of the type described in this section are carried on the books of a branch office of a foreign (other nation) credit union. (12) Article 8 (commencing with Section 14750) of Chapter 4. (13) Section 14800. (14) Section 14802. (15) Section 14803. (16) Section 14807. (17) Section 14808. (18) Section 14809. (19) Article 1 (commencing with Section 14850) of Chapter 6. (20) Article 1 (commencing with Section 14950) of Chapter 7. (21) Article 2 (commencing with Section 15001) of Chapter 7. (22) Article 3 (commencing with Section 15050) of Chapter 7, to the extent loans of the type described in that article are carried on the books of a branch office of a foreign (other nation) credit union. (23) Section 15102. (b) In addition to the laws specified in subdivision (a), the laws of this state applicable to transactions between a credit union organized under the laws of this state and its members and creditors shall similarly apply to the transactions of a foreign (other nation) credit union in this state. These laws include, but are not limited to, consumer protection laws and laws relating to creditor rights and remedies, commercial transactions, mortgages and deeds of trust, bank deposits and collections, and negotiable instruments. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign (other nation) credit unionbranch officeconsumer protection lawscreditor rights and remedies

Related Statutes

  • § 16600 Foreign Credit Union Activities
  • § 16603 Foreign Credit Union Exemption
  • § 16604 Foreign Credit Union Assets
  • § 16607 Foreign Credit Union Assets
  • § 16101 Foreign Credit Union Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16602.
View Official Source