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§ 1501. Authorization to do business

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: February 7, 2003

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 17 Pa.C.S.A. Credit Unions (Refs & Annos)
Chapter 15. Out-of-State Credit Unions
Effective: February 7, 2003
17 Pa.C.S.A. § 1501
§ 1501. Authorization to do business
Currentness
(a) General rule.--A credit union organized in another state may conduct business as an out-of-State credit union in this Commonwealth with the approval of the department as long as a credit union chartered under the laws of this Commonwealth is permitted to do business in the state in which the credit union is organized.
(b) Findings.--To grant approval the department must find that the out-of-State credit union:
(1) Is a credit union organized under a statute similar to this title.
(2) Is financially solvent.
(3) Has required account insurance acceptable to the department.
(4) Is effectively examined and supervised by the regulatory authority of the state in which it is organized.
(5) Needs to conduct business in this Commonwealth to adequately serve its members in this Commonwealth.

Credits

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 13, effective in 60 days.
17 Pa.C.S.A. § 1501, PA ST 17 Pa.C.S.A. § 1501
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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