Pennsylvania § 1501 - Authorization to do business.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 1501 — Authorization to do business., with citation guidance and answers to common questions.
§ 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.
Frequently Asked Questions About Pennsylvania § 1501
What does Pennsylvania Consolidated Statutes § 1501 cover?
Section 1501 ("Authorization to do business.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 1501?
A common citation format is "Pennsylvania Consolidated Statutes § 1501" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 1501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.