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Can you summarize 17 PACS Chapter 1?
CREDIT UNIONS > PRELIMINARY PROVISIONS
Short Summary
The provided legal document content pertains to the Credit Union Code in Pennsylvania. It governs credit unions, which are cooperative corporations incorporated under the Credit Union Act or this title. The document provides definitions for various terms related to credit unions, such as ‘activity,’ ‘branch,’ ‘community development credit union,’ ‘corporate credit union,’ ‘department,’ ‘federal credit union,’ ‘insolvent,’ ‘officer,’ ‘out-of-state credit union,’ ‘retained earnings,’ ‘service facility,’ ‘shares,’ ’total equity capital,’ ‘unimpaired capital,’ and ‘volunteer.’ These definitions help in understanding the provisions and requirements applicable to credit unions in Pennsylvania. The document also prohibits entities other than credit unions subject to this title, Federal credit unions, corporations organized in accordance with a state credit union statute, or associations of credit unions from using the words ‘credit union’ or any derivation thereof in their name, title, advertising, or conducting business as a credit union. Violators of this provision may be subject to penalties ranging from $1,000 to $10,000, and the officers of a corporation can be held liable for such penalties. The department is responsible for enforcing this provision. Additionally, credit unions with a low-income designation by the department and the National Credit Union Administration, or Federal credit unions with a low-income designation from the National Credit Union Administration, are allowed to use the words ‘community development credit union’ or a similar designation in their name, title, or operation.
Whom does it apply to?
Cooperative corporations incorporated under the Credit Union Act or this title
What does it govern?
Credit unions
What are exemptions?
Entities other than credit unions subject to this title, Federal credit unions, corporations organized in accordance with a state credit union statute, or associations of credit unions are exempt from using the words 'credit union' or any derivation thereof in their name, title, advertising, or conducting business as a credit union.
What are the Penalties?
Violators of the provision may be subject to penalties ranging from $1,000 to $10,000, and the officers of a corporation can be held liable for such penalties.
Jurisdiction
Pennsylvania