Pennsylvania § 1504 - Revocation of authorization to do business.

§ 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).