California Assembly Bill AB1912 Introduced / Bill

 BILL NUMBER: AB 1912INTRODUCED BILL TEXT 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. State-mandated 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.