§ 1504. Revocation of authorization to do business. The department may revoke the approval of an out-of-State credit union to conduct business as a credit union in this Commonwealth if the department makes any of the following findings:
(1) The out-of-State credit union no longer meets the requirements of section 1501 (relating to authorization to do business).
(2) The out-of-State credit union has violated Pennsylvania statutes or regulations or orders of the department.
(3) The out-of-State credit union has engaged in a pattern of unsafe or unsound credit union practices.
(4) Continued operation by the out-of-State credit union is likely to have a substantially adverse impact on the financial, economic or other interests of residents of this Commonwealth served by the out-of-State credit union. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
Section: Previous 1501 1502 1503 1504Last modified: October 8, 2016