California Assembly Bill AB2646 Latest Draft

 BILL NUMBER: AB 2646AMENDED BILL TEXT AMENDED IN ASSEMBLY MARCH 29, 2012 INTRODUCED BY Assembly Member Gatto FEBRUARY 24, 2012 An act  to amend Section 14254.5 of the Financial Code,  relating to credit unions. LEGISLATIVE COUNSEL'S DIGEST AB 2646, as amended, Gatto. Credit unions: branch offices: Indian reservations. Existing law provides for the formation and regulation of state-certified credit unions and requires that a credit union obtain a certificate of authority from the Commissioner of Financial Institutions to transact business as a credit union. Existing law prohibits a  foreign (other nation)  credit union from  maintaining an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch at that place, as specified   establishing a branch in an   other state or in a foreign nation, as defined, without obtaining specified approval  . This bill  would state the intent of the Legislature to enact legislation that  would authorize a state-certified credit union  , with the approval of the appropriate tribal government,  to operate a branch office on an Indian reservation. Vote: majority. Appropriation: no. Fiscal committee:  no   yes  . State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:  SECTION   1   .   Section   14254.5 of the   Financial Code   is amended to read:  14254.5. (a) Except as provided in subdivisions (b) and (c), within 10 business days of opening, closing, or relocating a branch office, a credit union shall notify the commissioner in writing of the action, including the street and mailing addresses of the branch office. (b) A credit union shall not establish a branch office in another state of the United States without the approval of the governmental authority with jurisdiction to license or charter credit unions in that state. "State" has the meaning set forth in Section  146.7   207  . (c) A credit union shall not establish a branch office in a foreign nation without the prior written approval of the commissioner. "Foreign nation" has the meaning set forth in Section  139.3   175  .  (d) Notwithstanding any other law, a credit union may, with the approval of the appropriate tribal government, establish a branch on the reservation or rancheria lands of a federally recognized Indian tribe within the borders of the state.   SECTION 1.   It is the intent of the Legislature to enact legislation that would authorize a state-certified credit union to operate a branch office on an Indian reservation.