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)