Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Application of Foreign (Other State)
Credit Union. An application for a credit union organized and duly qualified as
a credit union in another state to operate pursuant to the Foreign (Other
State) Credit Union Law shall be filed with the Commissioner at any of the
offices of the Department electronically or by mail. The application shall
include a cover letter addressing the factors set forth in Section
16022 of
the Financial Code.
(b) Exhibits.
The application submitted pursuant to Subdivision (a) of this section shall
also include the following exhibits:
(1) A
certificate issued by the Secretary of State pursuant to Section
2105 of
the California Corporations Code showing that the credit union is authorized to
do business in this state, including the name of the agent upon whom process
directed at the credit union may be served.
(2) Evidence that the credit union members'
share accounts are insured by Title II of the Federal Credit Union Act
(12 U.S.C. Sec.
1781 et seq.) or other comparable insurance
acceptable to the Commissioner.
(3)
Evidence that the credit union has obtained surety bond coverage and fidelity
bond coverage as prescribed in Section
14409 of
the Financial Code.
(4) A copy of
the credit union's most recent report of examination issued by the credit
union's home-state supervisor and share insurer.
(5) A copy of the audited balance sheet and
income statement, prepared by an independent accountant or certified public
accountant, for the most recently completed calendar or fiscal year.
(6) Statistics indicating the present number
of members in the credit union, the total number of persons eligible for
membership, the number of persons eligible for membership in California, and
the number of members residing in California.
(7) A statement of exact, present field of
membership and the locations of any branch offices in California as well as any
proposed field of membership if a change is to be made concurrently, with the
establishment of an additional branch office.
(8) A report of the names of the person(s)
managing each branch office in this state and Statement(s) of Identity and
Questionnaire completed by all such persons.
(9) A copy of a resolution of the board of
directors committing the credit union to furnish to the Commissioner the
following:
(A) Payment for the cost of
examination or services performed in accordance with Section
16006 of
the Financial Code.
(B) An annual
fee in accordance with Section
16006 of
the Financial Code.
(C) Any
changes, additions, or deletions of branch office locations in this state
within ten (10) business days of such changes, additions, or
deletions.
1. Change
without regulatory effect adding new article 2 (section
30.200) and renumbering and
amending former section
918 to new section
30.200 filed 8-19-97 pursuant to
section 100, title 1, California Code of
Regulations (Register 97, No. 34).
2. Amendment of section heading,
section and Note filed 1-6-2022; operative 4-1-2022 (Register 2022, No.
1).
Note: Authority cited: Section
14201,
Financial Code. Reference: Sections
14200,
14203,
14205,
14250,
14409,
16004,
16006 and
16022,
Financial Code.
