Bill Text: CA AB1282 | 2013-2014 | Regular Session | Chaptered

California Assembly Bill 1282 (Prior Session Legislation)

Bill Title: Financial institutions: credit unions.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Passed) 2013-08-16 - Chaptered by Secretary of State - Chapter 115, Statutes of 2013. [AB1282 Detail]

Download: California-2013-AB1282-Chaptered.html

BILL NUMBER: AB 1282	CHAPTERED
	BILL TEXT

	CHAPTER  115
	FILED WITH SECRETARY OF STATE  AUGUST 16, 2013
	APPROVED BY GOVERNOR  AUGUST 16, 2013
	PASSED THE SENATE  JULY 8, 2013
	PASSED THE ASSEMBLY  MAY 9, 2013
	AMENDED IN ASSEMBLY  APRIL 15, 2013
	AMENDED IN ASSEMBLY  APRIL 3, 2013
	AMENDED IN ASSEMBLY  MARCH 21, 2013

INTRODUCED BY   Assembly Member Bonta
   (Coauthor: Assembly Member Bocanegra)

                        FEBRUARY 22, 2013

   An act to amend Section 14351 of the Financial Code, relating to
financial institutions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1282, Bonta. Financial institutions: credit unions.
   Existing law, the California Credit Union Law, provides for the
regulation of credit unions. Existing law prohibits membership
shares, certificates for funds, or other securities from being issued
by any credit union until it has applied for and obtained a
certificate authorizing it to act as a credit union.
   Existing law authorizes the Commissioner of Financial Institutions
until July 1, 2013, and thereafter the Deputy Commissioner of
Business Oversight for the Division of Financial Institutions
pursuant to Governor's Reorganization Plan No. 2 of 2012, to annually
levy on and collect from credit unions holding certificates
authorizing them to act as credit unions an assessment in an amount
sufficient to meet the expenses for administering this law and other
laws relating to credit unions or the credit union business and in
order to provide a reasonable reserve for contingencies. Under
existing law, the amount of the annual assessment is required to be
the greater of $1,500 or the sum of the products determined by
multiplying increments of the credit union's total assets by
percentages of the base assessment rate according to a table with
increments of total assets up to an excess over $10,000,000.
   This bill would require the amount of the annual assessment to be
the greater of $2,000 or the sum of the products determined by
multiplying increments of the credit union's total assets by
percentages of the base assessment rate according to a newly
established table with increments of total assets up to an excess of
over $10,000,000,000.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 14351 of the Financial Code is amended to read:

   14351.  (a) The amount of the annual assessment on any credit
union holding a certificate authorizing it to act as a credit union
shall be the greater of (1) two thousand dollars ($2,000) or (2) the
sum of the products determined by multiplying (A) increments of the
credit union's total assets by (B) percentages of the base assessment
rate, according to the following table:
Total Assets                     Percentage of
                                       Base
                                 Assessment Rate
$0-$3,000,000                        85.0%
$3,000,000-$6,000,000                25.0%
$6,000,000-$10,000,000               13.0%
$10,000,000-$100,000,000             12.5%
$100,000,000-$500,000,000            12.25%
$500,000,000-$1,000,000,000          12.0%
$1,000,000,000-$2,000,000,000        11.5%
$2,000,000,000-$5,000,000,000         8.0%
$5,000,000,000-                       3.5%
$10,000,000,000
Excess over $10,000,000,000           3.0%


   (b) The base assessment rate for each annual assessment shall be
fixed by the commissioner but shall not exceed two dollars and twenty
cents ($2.20) per one thousand dollars ($1,000) of total assets.