Bill Text: CA AB2006 | 2011-2012 | Regular Session | Amended

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

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Bill Title: Credit union services.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-09-07 - Chaptered by Secretary of State - Chapter 246, Statutes of 2012. [AB2006 Detail]

Download: California-2011-AB2006-Amended.html

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BILL NUMBER: AB 2006	AMENDED
	BILL TEXT

	AMENDED IN SENATE  AUGUST 6, 2012
	AMENDED IN ASSEMBLY  APRIL 11, 2012
	AMENDED IN ASSEMBLY  MARCH 29, 2012

INTRODUCED BY   Assembly Member John A. Pérez

                        FEBRUARY 23, 2012

   An act to add Section 14800.1 to the Financial Code, relating to
credit unions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2006, as amended, John A. Pérez. Credit union services.
   Existing law prohibits an officer, director, committee member, or
employee of a credit union from extending any benefit or service of
the credit union to any person, unless that person is admitted to
membership in the credit union. Existing law also prohibits a credit
union from creating any obligation with a person who is not admitted
to membership in the credit union, except as specified. A knowing or
willful violation of these provisions is a crime, as specified.
   This bill would authorize a credit union to sell, to a natural
person in the field of membership, regardless of whether the person
is admitted to membership, checks, as defined, and other similar
money transfer instruments, including domestic and international
electronic funds transfers. The bill would authorize a credit union
to cash checks and other similar money transfer instruments and to
receive international and domestic electronic fund transfers for
those persons. The bill would also authorize a credit union to charge
a fee for  the provision of   providing 
these services  , not to exceed the cost of providing the
services  .
   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 14800.1 is added to the Financial Code, to
read:
   14800.1.  (a) Notwithstanding subdivision (b) of Section 14800 or
Section 14750, a credit union may do all of the following:
   (1) Provide the services specified in paragraph (2) to a natural
person within the field of membership, regardless of whether the
person is admitted to membership, and charge a fee for the provision
of those services  , which fee shall not exceed the cost to
provide those services  .
   (2) (A) Sell checks and other similar money transfer instruments,
including international and domestic electronic fund transfers.
   (B) Cash checks and other similar money transfer instruments and
receive international and domestic electronic fund transfers.
   (b) For purposes of this section, "checks" shall have the same
meaning as set forth in subdivision (f) of Section 3104 of the
Commercial Code.