Bill Text: CA AB1292 | 2015-2016 | Regular Session | Chaptered

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Bill Title: Bank on California program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-10-10 - Chaptered by Secretary of State - Chapter 750, Statutes of 2015. [AB1292 Detail]

Download: California-2015-AB1292-Chaptered.html

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BILL NUMBER: AB 1292	CHAPTERED
	BILL TEXT

	CHAPTER  750
	FILED WITH SECRETARY OF STATE  OCTOBER 10, 2015
	APPROVED BY GOVERNOR  OCTOBER 10, 2015
	PASSED THE SENATE  SEPTEMBER 9, 2015
	PASSED THE ASSEMBLY  APRIL 30, 2015

INTRODUCED BY   Assembly Member Dababneh

                        FEBRUARY 27, 2015

   An act to add Division 23 (commencing with Section 80000) to the
Financial Code, relating to financial institutions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1292, Dababneh. Bank on California program.
   Existing law provides for the formation and regulation of
state-organized banks and state-certified credit unions by the
Department of Business Oversight.
   This bill would establish the Bank on California Program within
the Department of Business Oversight. The bill would include findings
declaring that the program is a voluntary collaborative that assists
Californians in opening bank or credit union accounts. The bill
would require the department to report annually to specified
committees of the Legislature on the activities of the program.


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

  SECTION 1.  Division 23 (commencing with Section 80000) is added to
the Financial Code, to read:

      DIVISION 23.  BANK ON CALIFORNIA PROGRAM


   80000.  (a) The Legislature finds and declares that "Bank on
California" is a voluntary collaborative initiative that assists
Californians in opening a bank or credit union account and saving for
the future.
   (b) There is hereby established within the department the Bank on
California Program.
   80001.  For purposes of this division, the following terms shall
have the following meanings:
   (a) "Department" means the Department of Business Oversight.
   (b) "Program" means the Bank on California Program.
   80002.  Commencing in 2016, the department shall provide the
respective chairpersons of the Senate Committee on Banking and
Financial Institutions and the Assembly Committee on Banking and
Finance with a brief annual summary on the activities of the program.
The summary shall be submitted no later than August 30 of each year.