§ 16904 Foreign Credit Union Licenses

Financial Code·California

AI SummaryVerified

If a foreign credit union's permission to keep an office in the state is taken away, it must hand over its license to the commissioner right away.

Key Takeaways

•Foreign credit unions must surrender their state license if it is suspended or revoked.
•The surrender must happen immediately after the suspension or revocation.
•The commissioner receives the license to handle the revocation process.

Example

A credit union based in another country has its operating license in this state suspended because it broke banking rules.

The credit union must immediately send the license to the state commissioner, who will then take charge of the license.

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

Official Source

View on CA.gov

§ 16904 Foreign Credit Union Licenses

Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner. (Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

Last verified: January 11, 2026

Key Terms

foreign credit union license suspended or revoked surrender the license commissioner

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 16904.

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Key Takeaways

Example

Key Terms

Related Statutes

References