(a) Within 30 days of establishing a California facility, a foreign (other state) credit union shall notify the commissioner in writing of its intent to establish a California facility. The notice shall identify the proposed location of the facility, describe its proposed activities, and contain any other information which the commissioner may by regulation or order specify.
(b) A foreign (other state) credit union shall not commence business at a proposed facility without a license having been issued by the commissioner.
(Amended by Stats. 2001, Ch. 159, Sec. 93. Effective January 1, 2002.)