17 Pa.C.S. Ch. 15

in effect

17 Pa.C.S. § 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.

17 Pa.C.S. § 1502 Covenants by applicant.

To conduct business in this Commonwealth, an out-of-State credit union must agree to: (1) Grant loans at rates not higher than those permitted for credit unions incorporated under this title. (2) Comply with the same consumer protection provisions that apply to credit unions incorporated under this title. (3) Accept service of process as contemplated by 42 Pa.C.S. § 5301(a)(2)(i) (relating to persons).

17 Pa.C.S. § 1503 Supervision by department.

(a) General rule.--The department may examine an out-of-State credit union: (1) to the same extent that a Pennsylvania credit union is examined by the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated; or (2) pursuant to an agreement between the department and the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated. (b) Reports of other examinations.--The department may require, as a condition for permitting an out-of-State credit union to operate or to continue to operate in this Commonwealth, that the regulatory agency with jurisdiction over the out-of-State credit union furnish reports of examination regarding the out-of-State credit union to the department. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days) 2002 Amendment. Act 207 amended the section heading and subsec. (a).

17 Pa.C.S. § 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) (Oct. 1, 1980, P.L.689, No.139, eff. 60 days; Oct. 16, 1980, P.L.978, No.167, eff. 60 days; Dec. 11, 1986, P.L.1517, No.164, eff. 60 days; Feb. 2, 1990, P.L.6, No.4, eff. 60 days; July 6, 1995, P.L.238, No.27, eff. 60 days; Feb. 23, 1996, P.L.17, No.7, eff. 60 days; July 2, 1996, P.L.478, No.75, eff. 60 days; Dec. 21, 1998, P.L.1245, No.159, eff. 60 days; Nov. 6, 2002, P.L.1096, No.132, eff. 60 days; Nov. 29, 2004, P.L.1349, No.173, eff. 60 days; Nov. 30, 2004, P.L.1618, No.207, eff. 60 days) 2004 Amendments. Act 173 amended subsec. (c) and Act 207 amended subsec. (c)(23). Act 207 overlooked the amendment by Act 173, but the amendments do not conflict in substance and have both been given effect in setting forth the text of subsec. (c). See sections 28 and 29 of Act 207 in the appendix to this title for special provisions relating to applicability and construction of law. Cross References. Section 2702 is referred to in sections 2703, 2709.1, 2711, 5708, 6105 of this title; sections 5303, 6344, 6711 of Title 23 (Domestic Relations); sections 5552, 6302, 6308, 6336, 6355, 9714, 9717, 9718, 9719, 9802 of Title 42 (Judiciary and Judicial Procedure); section 702 of Title 54 (Names). APPENDIX TO TITLE 17 ADMINISTRATIVE LAW AND PROCEDURE ------- Supplementary Provisions of Admendatory Statutes ------- (Reserved)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM&ttl=17Fetched: 10/16/2026