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Authorization to do business - 17 Pa. Cons. Stat. § 1501

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                                CHAPTER 15
                        OUT-OF-STATE CREDIT UNIONS

     Sec.
     1501.  Authorization to do business.
     1502.  Covenants by applicant.
     1503.  Supervision by department.
     1504.  Revocation of authorization to do business.

        Enactment.  Chapter 15 was added December 19, 1990, P.L.834,
     No.198, effective in two months.
        Cross References.  Chapter 15 is referred to in section 1105
     of this title.
     § 1501.  Authorization to do business.
        (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.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a).
        Cross References.  Section 1501 is referred to in section
     1504 of this title.

Last modified: November 27, 2007