2007 California Financial Code Article 6. Conduct Of Credit Union Business

CA Codes (fin:16100-16103)

16100.  (a) A foreign (other state) credit union that has a license
to establish and maintain an office in this state may engage in
activities at such office as may be authorized under the laws of its
home state and the laws of this state that are applicable to credit
unions.
   (b) Nothing in subdivision (a) authorizes a foreign (other state)
credit union to engage in any activity at a California branch office
or California facility that it is not authorized to transact or is
prohibited from transacting under the law of its home state or that
credit unions organized under the laws of this state are not
authorized to transact or are prohibited from transacting.



16101.   (a) The following provisions of this division apply to a
foreign (other state) credit union that maintains a California branch
office or California facility with respect to its business in this
state as if the foreign (other state) credit union were a credit
union organized under the laws of this state:
   (1) Section 14203.
   (2) Section 14204.
   (3) Section 14208.
   (4) Section 14210.
   (5) Section 14256.
   (6) Section 14409.
   (7) Section 14409.2.
   (8) Section 14602.
   (9) Section 14652.5.
   (10) Section 14655, to the extent promissory notes of the type
described in this section are carried on the books of a branch office
of a foreign (other state) credit union.
   (11) Section 14656, to the extent promissory notes of the type
described in this section are carried on the books of a branch office
of a foreign (other state) credit union.
   (12) Article 8 (commencing with Section 14750) of Chapter 4.
   (13) Article 1 (commencing with Section 14850) of Chapter 6.
   (14) Article 1 (commencing with Section 14950) of Chapter 7.
   (15) Article 2 (commencing with Section 15001) of Chapter 7.
   (16) Article 3 (commencing with Section 15050) of Chapter 7, to
the extent loans of the type described in that article are carried on
the books of a branch office of a foreign (other state) credit
union.
   (17) Section 15102.
   (b) The laws of this state that are applicable to the activities,
operations, and transactions of credit unions organized under the
laws of this state, other than the laws in this division, similarly
shall apply to the activities, operations, and transactions of a
foreign (other state) credit union in this state.  Those laws
include, but are not limited to, consumer protection laws and laws
relating to creditor rights and remedies, mortgages and deeds of
trust, bank deposits and collections, and negotiable instruments.




16102.  (a) Any foreign (other state) credit union that is
authorized to and does maintain a California branch office or
California facility is exempted from the restrictions of Section 1 of
Article XV of the California Constitution relating to rates of
interest upon the loan or forbearance of any money, goods, or things
in action or on accounts after demand.
   (b) This section does not exempt a foreign (other state) credit
union or any subsidiary from complying with all other laws and
regulations governing the business in which the foreign (other state)
credit union or subsidiary is engaged.
   (c) This section creates and authorizes an exempt class of persons
pursuant to Section 1 of Article XV of the California Constitution.

   (d) This section does not authorize a foreign (other state) credit
union or any subsidiary to charge an interest rate on a loan or
forbearance in excess of any limitation that exists under the laws of
its home state.



16103.  (a) A foreign (other state) credit union that is licensed to
establish and maintain an office or offices in this state shall keep
the assets of the offices separate and apart from the assets of its
business outside this state, if required by written order of the
commissioner.
   (b) Persons who are creditors of a foreign (other state) credit
union as a result of the business of an office of the foreign (other
state) credit union in this state shall be entitled to priority over
other creditors with respect to the assets of the business in this
state of the foreign (other state) credit union.