Bill Text: CA AB1840 | 2009-2010 | Regular Session | Introduced

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Bill Title: Credit unions.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2010-02-16 - From printer. May be heard in committee March 18. [AB1840 Detail]

Download: California-2009-AB1840-Introduced.html

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BILL NUMBER: AB 1840	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Tom Berryhill

                        FEBRUARY 12, 2010

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


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1840, as introduced, Tom Berryhill. Credit unions.
   Existing law provides for the regulation and certification of
credit unions by the Commissioner of Financial Institutions. Existing
law sets forth the purposes of credit unions and provides that a
credit union is a cooperative that conducts its business for the
mutual benefit and general welfare of its members.
   This bill would make nonsubstantive changes to these provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated 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   shall conduct  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.