1501 - Authorization to do business. - Pennsylvania Statutes

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.