reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 7 - Loans › ARTICLE 4 - Limitations › Section 15100.

15100. (a) The board of directors shall establish written policies which shall set forth the policies of the credit union with respect to any obligation that is offered to the members of the credit union. The written policies shall set forth the maximum amounts and terms for any obligation offered to the members, including, but not limited to, the following information:
(1) For loans, the written policies shall set out the terms for unsecured loans, the maximum amount and terms for secured loans, the schedule of interest rates established pursuant to Section 15000 for each type or class of unsecured and secured loan offered to members, the maximum maturity for any loan, or, in the case of an open-end loan, the rate of repayment for any type or class of open-end loan, the limitations, if any, which shall be placed on the authority of any loan officer appointed pursuant to Sections 14602 and 14603, and, subject to the provisions of subdivisions (b) and (c), the individual limits on obligations that are applicable to all members of the credit union. Any policy developed pursuant to this section by the board of directors shall, insofar as possible, and, subject to individual creditworthiness, ensure equal access to funds available for obligations with credit union members.
(2) For obligations other than those set out in paragraph (1), the board of directors shall set out the interest rates and essential terms of the obligations offered to the members and any other information as may be required pursuant to regulations that may be adopted by the commissioner.
(b) Notwithstanding subdivision (a), no credit union policy shall permit a credit union to enter into obligations with an individual credit union member whereby the total obligations of that member, exclusive of amounts secured by shares or certificates for funds, exceed 10 percent of the aggregate dollar amount of the credit union’s savings capital.
(c) Notwithstanding subdivision (b), no credit union policy shall permit a credit union to enter into obligations with any one family whereby the total obligations of the family would be greater than the amount permitted by subdivision (b). For purposes of this article, “family” means the marital couple or any head of household together with those dependents residing with the marital couple or the head of household and those dependents attending school away from the principal residence of the marital couple or head of household.
(Amended by Stats. 2016, Ch. 353, Sec. 11. (AB 2274) Effective January 1, 2017.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 7 - Loans › ARTICLE 4 - Limitations › Section 15101.

15101. Notwithstanding the provisions of Section 15100, if a loan is made for educational purposes and such loan would cause the aggregate of loans to an individual or to any one family to exceed the limitations imposed by subdivision (b) or (c) of Section 15100, such educational loan shall not be included in computing the aggregate of loans pursuant to Section 15100, provided (1) that such educational loan is secured in accordance with subdivision (b) or (c) of Section 14955, and (2) that the aggregate amount of such educational loan exempted by this subdivision from subdivision (c) of Section 15100 shall not exceed ten thousand dollars ($10,000).
(Amended by Stats. 1984, Ch. 209, Sec. 13.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 7 - Loans › ARTICLE 4 - Limitations › Section 15102.

15102. (a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a credit union, an affiliate of a credit union, a credit union service organization, or any successor in interest thereto, that originates, acquires, or purchases, in whole or in part, any loan secured directly or collaterally, in whole or in part, by a mortgage or deed of trust on real property, or any interest therein, may bring an action for recovery of damages, including exemplary damages not to exceed 50 percent of the actual damages, against a borrower where the action is based on fraud under Section 1572 of the Civil Code and the fraudulent conduct by the borrower induced the original lender to make that loan.
(b) The provisions of this section shall not apply to loans secured by single-family, owner-occupied residential real property, when the property is actually occupied by the borrower as represented to the lender in order to obtain the loan and the loan is for an amount of one hundred fifty thousand dollars ($150,000) or less, as adjusted annually, commencing on January 1, 1987, to the Consumer Price Index as published by the United States Department of Labor.
(c) Any action maintained under this section for damages shall not constitute a money judgment for deficiency or a deficiency judgment within the meaning of Section 580a, 580b, or 580d of the Code of Civil Procedure.
(Added by Stats. 1986, Ch. 173, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 7 - Loans › ARTICLE 4 - Limitations › Section 15103.

15103. A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not make a subsequent assignment to skip trace, locate, or repossess a vehicle without simultaneously, and in the same manner by which the assignment is given, advising the assignee of the assignment of the information contained in the notice. As used in this section, “assignment” has the same meaning set forth in Section 7500.1 of the Business and Professions Code.
(Added by Stats. 2007, Ch. 192, Sec. 7. Effective September 7, 2007.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 1 - Merger › Section 15200.

15200. Any credit union may, with the approval of the commissioner, merge with another credit union or with a central credit union.
(Amended by Stats. 1984, Ch. 452, Sec. 5.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 1 - Merger › Section 15201.

15201. (a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, and approved by the affirmative vote of at least a majority of the members of the disappearing credit union, in person or by proxy, at a meeting of the members called for that purpose or by written consent of a majority of the members of the disappearing credit union. Notice of the meeting shall be given to the members, either personally or by first-class mail, not less than 30 nor more than 90 days prior to the date of the meeting.
(b) The commissioner may approve a merger according to the plan agreed upon by the majority of the board of directors of each credit union, as set forth in subdivision (a), if the plan of merger is approved by less than a majority of the membership as provided in subdivision (a) if the commissioner finds, upon the written and verified application filed by the board of directors, that (1) notice of the meeting called to consider the merger or the ballot for written vote on the merger was mailed to each member entitled to vote upon the question, (2) the notice or ballot disclosed the purpose of the meeting or the written vote, (3) the notice or ballot informed the membership that approval of the merger might be sought pursuant to this section, and (4) a majority of the votes cast upon the question were in favor of the merger.
(c) Notwithstanding subdivisions (a) and (b), the commissioner may approve a merger without a vote of the membership of the disappearing credit union if a majority of the members of the board of directors of the surviving credit union approves the merger, the disappearing credit union is in danger of insolvency and the merger would reduce the risk or avoid a threatened loss to the National Credit Union Share Insurance Fund or other form of share guaranty or insurance that is acceptable to the commissioner. For purposes of this chapter, a credit union is insolvent when, from the most recent available financial statements, it can be shown that the total amount of its shares exceeds the present cash value of its assets after providing for liabilities unless the commissioner finds all of the following:
(1) The facts that caused the deficient share-asset ratio no longer exist.
(2) Further decline in the share-asset ratio is not probable.
(3) The return of the share-asset ratio to its normal limits within a reasonable time for the credit union concerned is probable.
(4) The probability of a further potential loss is negligible to the National Credit Union Share Insurance Fund or other form of share guaranty or insurance that is acceptable to the commissioner.
(Amended by Stats. 1998, Ch. 539, Sec. 41. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 1 - Merger › Section 15202.

15202. (a) After the requirement of approval as provided in Section 15201 is satisfied, each credit union shall execute a certificate of merger as an officers’ certificate pursuant to Section 5062 of the Corporations Code that shall set forth:
(1) That the plan of merger has been approved by the board of directors.
(2) That the plan of merger has been duly approved by any required vote of the members pursuant to Section 15201.
(3) The total number of members of the credit union.
(b) A copy of the plan of merger and of the written approval thereof by the commissioner shall be annexed to the certificate of merger.
(c) Nothing in this section requires a federal credit union to execute or file the certificate of merger called for in subdivision (a).
(Amended by Stats. 1998, Ch. 539, Sec. 41.3. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 1 - Merger › Section 15203.

15203. Each certificate of merger called for in Section 15202 shall be filed in the office of the Secretary of State. After the filing in the office of the Secretary of State, a copy of each certificate of merger, certified by the Secretary of State, shall be filed with the commissioner, and at that time the merger shall become effective for all purposes.
(Amended by Stats. 1998, Ch. 539, Sec. 42. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 1 - Merger › Section 15204.

15204. (a) Upon any merger effectuated as provided in this article, all property, property rights, and interests of the merged credit union shall vest in the surviving credit union, without deed, endorsement or other instruments of transfer, and all debts, obligations and liabilities of the merged credit union are assumed by the surviving credit union under whose charter the merger has been effected. Thereafter the charter of the merged credit union is void, and the existence of the merged credit union as a legal entity separate from the surviving credit union terminates.
(b) Whenever a credit union having any real property in this state merges with another credit union and vests that real property in the surviving credit union, the filing for record in the office of the county recorder of any county in this state in which any of the real property of the disappearing credit union is located of the certificates of merger and requisite attachments, as required by Section 15202, shall evidence record ownership in the surviving credit union of all interest of the disappearing credit union in and to the real property located in that county.
(Amended by Stats. 1997, Ch. 187, Sec. 13. Effective January 1, 1998.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15250.

15250. (a) Whenever the board of directors of a credit union recommends by a vote of a majority of all its members the dissolution of the credit union, the members of the credit union, at any meeting specially called to consider the subject, may elect to dissolve the credit union, by the vote or written consent of a majority of all members of the credit union.
(b) The commissioner may approve the dissolution of a credit union which is recommended by the vote of a majority of the board members of the credit union, even if the dissolution is approved by less than a majority of all members of the credit union, if the commissioner finds, upon the written and verified application filed by the board of directors, that (1) notice of the meeting called to consider the dissolution or the written ballot for written vote on the dissolution was mailed to each member entitled to vote upon the question, (2) the notice or the written ballot disclosed the purpose of the meeting or the written vote and informed the membership that approval of the dissolution might be sought pursuant to this section, and (3) a majority of the votes cast upon the question were in favor of the dissolution.
(c) Whenever the members of the board of directors vote to recommend the dissolution of any credit union, the credit union shall not make any loans, withdrawal of shares, or withdrawal of certificates for funds until the members approve or disapprove the recommendation of the board of directors.
(Amended by Stats. 1998, Ch. 539, Sec. 43. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15251.

15251. If the dissolution of the credit union is approved pursuant to subdivision (a) or (b) of Section 15250, the board of directors of the credit union shall elect a committee of three members or may by resolution appoint a liquidating agent to liquidate the assets of the credit union. If the commissioner is appointed liquidating agent, the commissioner may act as liquidating agent or appoint the National Credit Union Administration or other person to act as liquidating agent. Whenever the commissioner is appointed liquidating agent, the credit union shall surrender its certificate to act as a credit union.
(Amended by Stats. 1998, Ch. 539, Sec. 44. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15252.

15252. Promptly thereafter the president or vice president and secretary or assistant secretary, or a majority of the committee or the liquidating agent in charge of liquidation, shall sign and verify a certificate stating that the credit union has elected to wind up and dissolve and showing by what vote or consent such election was made. The certificate shall be filed in the office of the Secretary of State, and copies of the certificate certified by the Secretary of State shall be filed with the commissioner.
(Amended by Stats. 1981, Ch. 862, Sec. 4.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15254.

15254. The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of the credit union, and may sell or otherwise dispose of the assets of the credit union, in whole or in part, at public or private sale.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15255.

15255. After determining that all known debts and liabilities of the credit union have been paid or adequately provided for, the committee or the liquidating agent in charge of liquidation shall distribute all the remaining assets of the credit union among the members or shareholders. Each share is entitled to its proportionate amount of the assets according to the amount paid on that share.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15257.

15257. When a credit union has completely wound up, all of its known debts and liabilities actually paid or adequately provided for or paid as far as its assets permit, and its known assets distributed, a majority of the committee or the liquidating agent in charge of liquidation shall sign and acknowledge a certificate stating that the credit union has been completely wound up, its known assets distributed, any tax or penalty due under the Bank and Corporation Franchise Tax Law paid, and its other known debts and liabilities actually paid or adequately provided for or paid as far as its assets permit and that the credit union is dissolved.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15258.

15258. The certificate of dissolution shall be filed in the office of the Secretary of State and copies, certified by him, shall be filed in the office of the commissioner.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15259.

15259. At any time during the liquidation process, the committee or the liquidating agent in charge of liquidation may be relieved of their duties at the discretion of the commissioner and the commissioner shall thereafter act as the liquidating agent or appoint a liquidating agent to complete the dissolution of the credit union.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 2 - Dissolution › Section 15260.

15260. Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve, the credit union does not have sufficient assets to return to its shareholders their investment in full, the credit union shall not be liable for the costs of administration assessed under Article 4 (commencing with Section 14350) of Chapter 3.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15301.

15301. Upon recommendation of the board of directors the members of any credit union may by an affirmative majority vote of such members resolve to convert such credit union into a federal credit union. For the purposes of this article, an “affirmative majority vote of such members” means that the vote by the members to convert the credit union into a federal credit union is approved or ratified by the affirmative vote of a majority of the votes represented and voting at a duly held meeting at which a quorum is present (which affirmative votes also constitute a majority of the required quorum) or written ballot in conformity with Section 7513 of the Corporations Code or by the affirmative vote or written ballot as may be provided in the bylaws pursuant to subdivision (e) of Section 7151 of the Corporations Code.
(Amended by Stats. 1993, Ch. 399, Sec. 2. Effective January 1, 1994.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15302.

15302. Within 10 days after the meeting or written vote at which the members determine to convert into a federal credit union, the credit union shall file with the commissioner a certificate verified by the board of directors of such credit union. The certificate shall contain a copy of the minutes of the meeting or a copy of the written ballot and the results of the written vote and a statement that the members have approved the determination to convert such credit union into a federal credit union. A copy of such certificate shall be filed with the Secretary of State.
(Amended by Stats. 1980, Ch. 413, Sec. 6.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15303.

15303. A certified copy of the certificate required by Section 15302 filed in the office of the Secretary of State is presumptive evidence of the holding of the meeting or written vote and the action taken thereat.
(Amended by Stats. 1980, Ch. 413, Sec. 7.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15304.

15304. After the meeting or the written vote of the members, the credit union shall take such action as is necessary to make it a federal credit union, and within 10 days after receipt of the federal charter, the credit union shall file with the commissioner and with the Secretary of State, a copy of the charter issued to such credit union by the National Credit Union Administration or a certificate showing the organization of such credit union as a federal credit union certified by or on behalf of the National Credit Union Administration. Upon the filing of such instrument with the Secretary of State the credit union ceases to be a state credit union and is a federal credit union.
(Amended by Stats. 1980, Ch. 413, Sec. 8.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15305.

15305. At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of the property of the credit union, including all of its right, title, and interest in and to all property of every kind and character immediately, by operation of law and without any conveyance, or transfer and without any further act or deed, is vested in the credit union under its new name and style as a federal credit union and under its new jurisdiction.
(Repealed and added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 3 - Conversion Into Federal Credit Unions › Section 15306.

15306. The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 15305 in its own right as fully and to the same extent as the property was possessed, held, and enjoyed by it as a state credit union and the federal credit union shall continue responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place. The federal credit union shall be merely a continuation of the state credit union under a new name and new jurisdiction and such revision of its corporate structure as is considered necessary for its proper operation under the new jurisdiction.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15350.

15350. Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying with the requirements of the Federal Credit Union Act (12 U.S.C. Sec. 1771) and on obtaining a certificate pursuant to Chapter 2 (commencing with Section 14100) of this division.
(Amended by Stats. 1981, Ch. 765, Sec. 4.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15351.

15351. The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold office until their successors are elected and qualified.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15352.

15352. The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon completion of such audit, he shall issue a certificate to the National Credit Union Administration showing the results of such audit. The commissioner may also certify that the transfer of the assets and liabilities from the federal credit union to a credit union subject to the laws of this state has been effected in compliance with the applicable laws of this state. The costs of the audit mentioned in this section shall constitute a charge against the credit union.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15353.

15353. Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the record of written vote of the members in which they voted to convert into a state credit union, verified by the board of directors of the credit union, shall be filed within 10 days after the meeting or written vote with the commissioner, and, in duplicate, with the National Credit Union Administration.
(Amended by Stats. 1980, Ch. 413, Sec. 9.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15354.

15354. The verified copies of the minutes of the meeting or the record of written vote, when filed as required by Section 15353, are presumptive evidence of the holding of, and the action taken at, the meeting or the written vote.
(Amended by Stats. 1980, Ch. 413, Sec. 10.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15355.

15355. After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner prescribed and authorized by this division as shall make it a credit union of this state. The directors shall file the documents and take such proceedings as are required by this division in the case of the original incorporation of a credit union.
(Amended by Stats. 1979, Ch. 811.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15356.

15356. The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: “This credit union is incorporated by conversion from a federal credit union.”
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15357.

15357. Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed, with the National Credit Union Administration, two copies of the articles of incorporation, certified by the Secretary of State.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15358.

15358. Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal credit union to act as a credit union under the laws of this state, the credit union ceases to be a federal credit union and is a credit union under the laws of this state. All of the property of the credit union immediately, by operation of law and without any further act, is vested in the credit union under its new name and existence as a credit union under the laws of this state.
(Amended by Stats. 1981, Ch. 765, Sec. 5.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 9 - Merger, Dissolution and Conversion › ARTICLE 4 - Conversion of Federal Credit Union › Section 15359.

15359. The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in its own right as fully and to the same extent as the property was possessed, held, and enjoyed by it as a federal credit union and the converted credit union continues responsible for all of the obligations of the federal credit union to the same extent as though conversion had not taken place. The converted credit union is merely a continuation of the federal credit union under a new name and new jurisdiction and such revision of its corporate structure as is considered necessary for its proper operation under the new jurisdiction.
(Added by Stats. 1979, Ch. 112.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 10 - Central Credit Union › ARTICLE 1 - Definition › Section 15400.

15400. “Central credit union” means a credit union whose membership includes, but is not limited to, other credit unions, members of credit unions, credit union employees, employees of organizations serving credit unions, and the families of such members and any common bond set out in subdivision (a) of Section 14155.
(Amended by Stats. 1984, Ch. 452, Sec. 6.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 10 - Central Credit Union › ARTICLE 2 - General › Section 15451.

15451. (a) A central credit union may, with the approval of the commissioner and under such regulations as he shall prescribe, admit to membership groups of employees of a common employer, including the employer, whose place of employment is located within 25 miles of the principal office of the central credit union, or is located within the boundaries of a greater or lesser geographic area prescribed by the commissioner, upon application made by the employer and approval of the board of directors of the central credit union.
(b) In the event the employee group qualifies under the provisions of Section 14154, these employees may organize a separate credit union. The central credit union may, upon a plan approved by the commissioner, transfer the member accounts of these employees to any credit union formed by them.
(Amended by Stats. 1982, Ch. 691, Sec. 17.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16000.

16000. This chapter may be cited as the “Foreign (Other State) Credit Union Law.”
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16001.

16001. In this chapter:
(a) “Branch business” means the business of issuing share accounts, certificates for funds, and share drafts, receiving deposits, paying checks, making loans and other obligations, and other activities that the commissioner may specify by order or regulation.
(b) “California branch office,” when used with respect to a foreign (other state) credit union, means an office in this state at which the foreign (other state) credit union engages in branch business.
(c) (1) “California facility,” when used with respect to a foreign (other state) credit union, means an office in this state at which the foreign (other state) credit union engages in business other than branch business.
(2) In the case of an employer-supported foreign (other state) credit union, a “California facility” does not include a table, counter, or booth on the premises of the employer’s place of business at which a volunteer of the foreign (other state) credit union provides information or services to members but does not engage in branch business.
(d) “Foreign nation” means any nation other than the United States, including, without limitation, any subdivision, territory, trust territory, dependency, colony, or possession of any nation other than the United States.
(e) “Foreign (other nation) credit union” means any credit union or similar institution that is organized under the laws of a foreign nation.
(f) “Foreign (other state) credit union” means a credit union that is organized under the laws of any state of the United States other than this state.
(g) “Home state,” when used with respect to a foreign (other state) credit union, means the state of the United States under which the foreign (other state) credit union is organized.
(h) “Home state regulator,” when used with respect to a foreign (other state) credit union, means the state regulatory agency in the home state of the foreign (other state) credit union which has primary regulatory authority over the foreign (other state) credit union.
(i) “State of the United States” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16002.

16002. Nothing in this chapter shall be deemed to authorize a foreign (other nation) credit union to transact business in this state.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16003.

16003. No foreign (other state) credit union may establish or maintain a California branch office or California facility unless it is qualified to transact intrastate business under Chapter 21 (commencing with Section 2100) of Division 1 of Title 1 of the Corporations Code, except as provided in Section 8910 of the Corporations Code.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16004.

16004. No foreign (other state) credit union may establish a California branch office or California facility unless its deposit or share accounts are insured by the National Credit Union Administration or other insurer that is not unsatisfactory to the commissioner.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16005.

16005. Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall (if the commissioner requires by regulation or order) be verified in the manner that the commissioner may by regulation or order require.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16006.

16006. Fees shall be paid to and collected by the commissioner as follows:
(a) The fee for an application by a foreign (other state) credit union that is not licensed to transact business in this state for approval to establish a branch office is one thousand dollars ($1,000).
(b) The fee for an application by a foreign (other state) credit union that is licensed to transact business in this state for approval to establish a California branch office is five hundred dollars ($500).
(c) The fee for issuing a license to establish and maintain a California branch office or California facility is twenty-five dollars ($25).
(d) Each foreign (other state) credit union that on June 1 of any year maintains one or more California branch offices or California facilities shall pay, on or before the following July 1, a fee of two hundred fifty dollars ($250) per California branch office and one hundred dollars ($100) per California facility. However, the maximum fee shall be not more than one thousand dollars ($1,000).
(e) If the commissioner makes an examination in connection with a pending application, the foreign (other state) credit union making the application shall pay a fee for the examination at the rate of seventy-five dollars ($75) per hour for each examiner engaged in the examination plus, if in the opinion of the commissioner it is necessary for any examiner engaged in the examination to travel outside this state, the travel expenses of the examiner.
(f) If the commissioner makes an examination of a foreign (other state) credit union that maintains a California branch office or California facility, the foreign (other state) credit union shall pay a fee for the examination at the rate of seventy-five dollars ($75) per hour for each examiner engaged in the examination plus, if in the opinion of the commissioner it is necessary for any examiner engaged in the examination to travel outside this state, the travel expenses of the examiner.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16007.

16007. (a) Not less than 30 days before a foreign (other state) credit union establishes a California branch office or a California facility, the foreign (other state) credit union shall file with the commissioner, in the form that the commissioner may by regulation or order require, an appointment irrevocably appointing the commissioner and the commissioner’s successor from time to time in office to be the foreign (other state) credit union’s attorney to receive service of any lawful process in any noncriminal judicial or administrative proceeding against the foreign (other state) credit union or any of its successors that arises out of the activities of the California branch office or California facility after the appointment has been filed, with the same force and validity as if served personally on the foreign (other state) credit union or its successors, as the case may be.
(b) Any foreign (other state) credit union that maintains a California branch office or California facility that has not filed with the commissioner an appointment pursuant to subdivision (a) is deemed by the maintenance of the branch office or facility to have appointed the commissioner as its attorney to receive service of any lawful process in any noncriminal judicial or administrative proceeding against the foreign (other state) credit union or any of its successors that arises out of the activities of the California branch office or California facility, with the same force and validity as if served personally on the credit union or its successor, as the case may be.
(c) Service may be made on a foreign (other state) credit union that has appointed or is deemed to have appointed the commissioner as its attorney for service of process by leaving a copy of the process at any office of the commissioner. However, the service is not effective unless (1) the party making the service, who may be the commissioner, forthwith sends notice of the service and a copy of the process by registered or certified mail to the foreign (other state) credit union served at the last address on file with the commissioner for any of the foreign (other state) credit union’s offices in this state or at its head office, and (2) an affidavit of compliance with this subdivision by the party making the service is filed in the case on or before the return date if any, or within any further time that the court, in the case of a judicial proceeding, or the administrative agency, in the case of an administrative proceeding, allows.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16008.

16008. In administering the provisions of this chapter, the commissioner may share information with federal and home state regulators of foreign (other state) credit unions.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16009.

16009. A foreign (other state) credit union that is licensed to establish an office shall post at a conspicuous place at the office a notice to the public which states the name of the foreign (other state) credit union, the type of office it is, and the state of the United States under whose laws it was organized or chartered.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16011.

16011. Whenever a foreign (other state) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary office.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16012.

16012. Each foreign (other state) credit union that is licensed to establish an office shall conduct all of the business of the office in a single building or in adjoining buildings. However, with prior to notice to the commissioner, the foreign (other state) credit union may conduct part of the business of the office elsewhere in the same vicinity.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 1 - General Provisions › Section 16013.

16013. Whenever any provision of this chapter or of any regulation or order issued under this chapter which is applicable to or with respect to a foreign (other state) credit union that maintains a California branch office or California facility is inconsistent with any provision of any other chapter of this division, the provision of the other chapter applies, and the latter provision does not apply.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 2 - Establishment of a California Branch Office or California Facility › Section 16020.

16020. (a) Except for the activities described in paragraph (2) of subdivision (c) of Section 16001, no foreign (other state) credit union shall transact business in this state except at a branch office or facility that it is licensed to maintain and at which it is permitted by this chapter to transact the business transacted.
(b) Subdivision (a) shall not be deemed to prohibit any of the following:
(1) Any foreign (other state) credit union from carrying on the activities described in subdivision (d) of Section 191 of the Corporations Code.
(2) The advertising or solicitation of shares or deposits in this state by a foreign (other state) credit union made through the media of the mail, radio, television, magazines, newspapers, the Internet, or similar media, provided that shares or deposits are not accepted or received in this state.
(3) The acceptance of loan applications through agents in this state, provided the loan applications are approved or rejected, and the loans are funded, outside of this state.
(c) For the purposes of subdivision (a), no foreign (other state) credit union shall be deemed to be transacting business in this state merely because a majority-owned subsidiary transacts business in this state.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 2 - Establishment of a California Branch Office or California Facility › Section 16021.

16021. (a) No foreign (other state) credit union shall establish or maintain a California branch office unless the commissioner shall have first approved its establishment and issued a license authorizing the foreign (other state) credit union to maintain the California branch office.
(b) Notwithstanding subdivision (a), this article does not apply to any branch office or other office in this state of a foreign (other state) credit union that was established prior to January 1, 2001, in compliance with existing law.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 5 - CREDIT UNIONS › CHAPTER 11 - Foreign (Other State) Credit Unions › ARTICLE 2 - Establishment of a California Branch Office or California Facility › Section 16022.

16022. (a) If the commissioner finds all of the following with respect to an application by a foreign (other state) credit union for approval to establish a California branch office, the commissioner shall approve the application:
(1) That the foreign (other state) credit union, the directors and officers of the foreign (other state) credit union, and the proposed management of the branch office are each of good character and sound financial standing.
(2) That the financial history and condition of the foreign (other state) credit union are satisfactory.
(3) That the management of the foreign (other state) credit union and the proposed management of the branch office are adequate.
(4) That it is reasonable to believe that, if licensed to maintain the branch office, the foreign (other state) credit union will operate the branch office in a safe and sound manner and in compliance with all applicable laws, regulations, and orders.
(5) That the foreign (other state) credit union’s plan to establish and to maintain the branch office affords reasonable promise of successful operation.
(6) That the foreign (other state) credit union’s establishment and maintenance of the branch office will promote the convenience and advantage of its members, and is necessary or convenient to meet the needs of the foreign (other state) credit union’s members.
(7) Not more than 50 percent of the members of the foreign (other state) credit union are or will be residents of this state.
If the commissioner finds otherwise, the commissioner shall deny the application.
(b) Whenever an application by a foreign (other state) credit union for approval to establish a California branch office has been approved and all conditions precedent to the issuance of a license authorizing the foreign (other state) credit union to maintain the California branch office have been fulfilled, the commissioner shall issue the license.
(Added by Stats. 2000, Ch. 612, Sec. 3. Effective January 1, 2001.)