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SB-422 Credit unions.(2013-2014)

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SB422:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Senate Bill
No. 422

Introduced by Senator Huff

February 21, 2013

An act to amend Section 14002.5 of the Financial Code, relating to credit unions.


LEGISLATIVE COUNSEL'S DIGEST


SB 422, as introduced, Huff. Credit unions.
The California Credit Union Law provides for the regulation of credit unions within the state by the Commissioner of Financial Institutions. That law, except as provided, subjects credit unions to provisions of law applicable to nonprofit mutual benefit corporations generally.
This bill would make technical, nonsubstantive changes to that applicability provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 14002.5 of the Financial Code is amended to read:

14002.5.
 (a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code)) shall apply to credit unions. However, whenever any provision of this division applicable to credit unions is inconsistent with any provision of law applicable to nonprofit mutual benefit corporations generally, the provision of this division shall apply and the inconsistent provision of law applicable to nonprofit mutual benefit corporations generally shall not apply to a credit union.
(b) Notwithstanding the provisions of subdivision (a), the following provisions of the Corporations Code are not applicable to credit unions:
(1) Section 7131.
(2) Subdivision (a) of Section 7132.
(3) Section 7142.
(4) Subdivision (c) of Section 7223.
(5) Subdivision (c) of Section 7225.
(6) Article 4 (commencing with Section 7240) of Chapter 2 of Part 3 of Division 2 of Title 1.
(7) Chapter 11 (commencing with Section 8110) of Part 3 of Division 2 of Title 1.
(8) Chapter 16 (commencing with Section 8610) of Part 3 of Division 2 of Title 1.
(9) Chapter 17 (commencing with Section 8710) of Part 3 of Division 2 of Title 1.