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§ 30.200. Foreign (Other State) Credit Unions.


Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 30. Credit Unions
Article 2. Applications
10 CCR § 30.200
§ 30.200. Foreign (Other State) Credit Unions.
(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.
Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14200, 14203, 14205, 14250, 14409, 16004, 16006 and 16022, Financial Code.
1. Change without regulatory effect adding new article 2 (section 30.200) and renumbering and amending former section 918 to new section 30.200 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading, section and Note filed 1-6-2022; operative 4-1-2022 (Register 2022, No. 1).
This database is current through 4/22/22 Register 2022, No. 16
10 CCR § 30.200, 10 CA ADC § 30.200
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