§ 16020
199 words·~1 min read·
/ca/financial-code/16020A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.