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HomeFinancial CodeDiv. 5Ch. 12Art. 7§ 16704 Foreign Credit Union Records

§ 16704 Foreign Credit Union Records

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

§ 16704 Foreign Credit Union Records

Foreign credit unions that have a branch in the state must keep all their business records at that branch or another place the commissioner says is okay, and they must follow the commissioner’s rules on how and how long to keep them.

Key Takeaways

  • •If a foreign credit union has an office, it must keep all its books and records there or at a place the commissioner approves.
  • •The commissioner can set rules about the format, method, and length of time the records must be kept.
  • •Failure to follow these rules could lead to regulatory problems for the credit union.

Example

A credit union from Canada opens a branch in California.

The Canadian credit union has to keep its ledgers, account statements, and other paperwork at the California branch or at another location the state commissioner approves, and it must store them the way the commissioner tells it to and keep them for the required amount of time.

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

Official Source
View on CA.gov

§ 16704 Foreign Credit Union Records

Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at that office, or at any other place that the commissioner may by regulation or order approve, the books, accounts, and other records relating to the business of the office, in the form, in the manner, and for the time that the commissioner may, by regulation or order, require. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit unionbooks, accounts, and other recordscommissioner

Related Statutes

  • § 16700 Foreign Credit Union Oversight
  • § 16703 Foreign Credit Union Reports
  • § 16154 Foreign Credit Union Records
  • § 16503 Foreign Credit Union Branch Requirements
  • § 16701 Foreign Credit Union Examinations

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 16704.
View Official Source