§ 1503. Supervision by department.

149 words·~1 min read·/pa/title-17/chapter-15/1503

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- The department may examine an out-of-State credit union:

(1)to the same extent that a Pennsylvania credit union is examined by the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated; or

(2)pursuant to an agreement between the department and the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated.

(b)Reports of other examinations.-- The department may require, as a condition for permitting an out-of-State credit union to operate or to continue to operate in this Commonwealth, that the regulatory agency with jurisdiction over the out-of-State credit union furnish reports of examination regarding the out-of-State credit union to the department.

17c1503v

(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

2002 Amendment. Act 207 amended the section heading and subsec. (a).

17c1504s