California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 2 - Applications › Section 30.200 - Foreign (Other State) Credit Unions

Current through Register 2024 Notice Reg. No. 28, July 12, 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.