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AB-1912 Credit unions.(2011-2012)

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AB1912:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2011–2012 REGULAR SESSION

Assembly Bill
No. 1912


Introduced  by  Assembly Member Achadjian

February 22, 2012


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


LEGISLATIVE COUNSEL'S DIGEST


AB 1912, as introduced, Achadjian. Credit unions.
Existing law, the California Credit Union Law, provides for the regulation of credit unions within the state by the Director of Financial Institutions.
Existing law provides that a credit union is a cooperative, organized for the purposes of improving the economic and social conditions of its members.
This bill would make a nonsubstantive change to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   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 the members 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 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.