Bill Text: CA AB2062 | 2023-2024 | Regular Session | Amended
Bill Title: Credit unions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-09-20 - Chaptered by Secretary of State - Chapter 305, Statutes of 2024. [AB2062 Detail]
Download: California-2023-AB2062-Amended.html
Amended
IN
Senate
July 03, 2024 |
Amended
IN
Senate
June 24, 2024 |
Amended
IN
Assembly
April 01, 2024 |
Introduced by Assembly Member Grayson |
February 01, 2024 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 14400 of the Financial Code is amended to read:14400.
(a) The equity capital of the credit union shall consist of the credit union’s regular reserve account, the undivided earnings account, any appropriated undivided earnings accounts, and other forms of capital approved by the commissioner.SEC. 2.
Section 14406 of the Financial Code is amended to read:14406.
The savings capital, as defined in Section 14400, undivided profits, and reserve funds of a credit union shall be deposited only in the following:SEC. 3.
Section 14456 of the Financial Code is amended to read:14456.
Unless the bylaws expressly reserve any or all of the following duties to the members, the directors have all of the following special duties:SEC. 4.
Section 14651 of the Financial Code is amended to read:14651.
(a) Every credit union may invest in the shares of stock of a corporation, or in membership or economic interests of a limited liability company, organized solely for the purpose of providing services to credit unions, provided the corporation or limited liability company is formed by a credit union or group of credit unions.SEC. 5.
Section 14765 of the Financial Code is amended to read:14765.
(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall not purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s assets for an amount less than the then current market value. Every person who violates this section shall be liable to the people of this state for each offense in an amount of up to twice the market value of the assets purchased.SEC. 6.
Section 14766 of the Financial Code is amended to read:14766.
(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall not purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s obligations for an amount less than the book value thereof, unless all the directors of the credit union previously approve the purchase by resolution and a copy of the resolution is delivered to the commissioner immediately after adoption. Every person who violates this section shall be liable to the people of this state for each offense in an amount of up to twice the book value of the obligations purchased.SEC. 7.
Section 14804 of the Financial Code is amended to read:14804.
(a) (1) The members of a credit union shall hold an annual meeting for the election of all of the following:(A)To provide members and proxyholders, if proxies are allowed, a reasonable opportunity to participate in the meeting and to vote on matters submitted to the members, including an opportunity to read or hear the proceedings of the meeting concurrently with those proceedings.
(B)If any member or proxyholder, if proxies are allowed, votes or takes other action at the meeting by means of electronic transmission to the corporation, electronic video screen communication, conference telephone, or other means of remote communication, to maintain a record of that vote or action in its books and records.
(C)To verify that each person who has voted remotely is a member or proxyholder, if proxies are allowed.
(2)A credit union may conduct a meeting of members solely by electronic transmission by and to the corporation, electronic video screen communication, conference telephone, or other means of remote communication, provided that any member unable to participate using the method selected is offered a reasonable alternative method to participate. A de minimis disruption of an audio or audiovisual feed does not require a credit union to end a meeting under, or render the corporation out of compliance with, this subdivision.