Bill Text: CA SB269 | 2021-2022 | Regular Session | Introduced
Bill Title: Credit unions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2021-10-09 - Chaptered by Secretary of State. Chapter 762, Statutes of 2021. [SB269 Detail]
Download: California-2021-SB269-Introduced.html
Introduced by Senator Portantino |
January 28, 2021 |
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 14250 of the Financial Code is amended to read:14250.
(a) (1) The commissioner may at any time investigate into the affairs and examine the books, accounts, records, files, and any office within or outside of this state used in the business of every credit union, whether it acts or claims to act under or without authority of this division.(3)No provision of this
SEC. 2.
Section 14410 of the Financial Code is amended to read:14410.
(a) (1) A member of the board of directors, supervisory committee, audit committee, or credit committee shall not receive compensation for that member’s services as a member of the board of directors, supervisory committee, audit committee, or credit committee, but the member may be provided with reasonable health, accident, and similar insurance.(a)No member of the board of directors, supervisory committee, or credit committee shall receive any compensation for his or her services as a member of the board of directors, supervisory committee, or credit committee, but he or she may be provided with reasonable health, accident, and similar insurance. Nothing in this
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:(1)
(2)
(3)
Any members
SEC. 4.
Section 14655 of the Financial Code is repealed.A credit union may purchase from the owner thereof a promissory note upon which a member is primary obligor provided the credit union could have made a loan to such member in the amount and upon the terms and conditions provided in such note under the provisions of this division.
SEC. 5.
Section 14807 of the Financial Code is amended to read:Any
14807.
(a) A member may withdraw from membership in the credit union at any time. A withdrawing member may be required to give 60 days’ notice of intention to withdraw shares and 30 days’ notice of intention to withdraw certificates forSEC. 6.
Section 14811 of the Financial Code is amended to read:14811.
(a) A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may be transferred to inactive member status.SEC. 7.
Section 14851 of the Financial Code is amended to read:14851.
(a) A credit union may issue shares as follows:(a)Every credit union may issue shares (1) to any member qualified pursuant to the credit union’s bylaws; (2) to an officer, employee, or agent of nonmember units of federal, Indian tribal, state, or local governments, and political subdivisions thereof when acting in his or her official capacity; and (3) in coownership to a member and any person designated by the member. Coownership, as used herein, includes, but is not limited to, joint tenancy, tenancy in common, or community property forms of ownership. No membership privilege,
(b)
SEC. 8.
Section 15050 of the Financial Code is amended to read:15050.
(a) For purposes of this section, the following definitions shall apply:(3)
(b)No credit union shall enter into any