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17 Pa.C.S. § 1504

Revocation of authorization to do business

Known as the Credit Union Code

The act spans §§ 17–17 (61 sections).

(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

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.

Official source: Pennsylvania General Assembly. Reproduced from public-domain Pennsylvania statutes; confirm against the official source for the current text. Not legal advice.