Bill Text: CA AB1123 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 1123 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Virtual currency: regulation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2018-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1123 Detail]

Download: California-2017-AB1123-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 1123

Introduced by Assembly Member Dababneh

February 17, 2017

An act to amend Section 14002 of the Financial Code, relating to credit unions.

LEGISLATIVE COUNSEL'S DIGEST

AB 1123, as introduced, Dababneh. Credit unions.

Existing law, the California Credit Union Law, defines and regulates the formation, management, and dissolution of credit unions to the extent not preempted by federal law. The law defines credit union for these purposes.

This bill would make a nonsubstantive change in the definition of credit unions.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 14002 of the Financial Code is amended to read:

14002.

A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their ~~own~~ money on a democratic basis in order to improve their economic and social conditions. As a cooperative, a credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.