CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1123Introduced by Assembly Member DababnehFebruary 17, 2017 An act to amend Section 14002 of the Financial Code, relating to credit unions. LEGISLATIVE COUNSEL'S DIGESTAB 1123, as introduced, Dababneh. Credit unions.Existing law, the California Credit Union Law, defines and regulates the formation, management, and dissolution of credit unions to the extent not preempted by federal law. The law defines credit union for these purposes.This bill would make a nonsubstantive change in the definition of credit unions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe 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 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.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1123Introduced by Assembly Member DababnehFebruary 17, 2017 An act to amend Section 14002 of the Financial Code, relating to credit unions. LEGISLATIVE COUNSEL'S DIGESTAB 1123, as introduced, Dababneh. Credit unions.Existing law, the California Credit Union Law, defines and regulates the formation, management, and dissolution of credit unions to the extent not preempted by federal law. The law defines credit union for these purposes.This bill would make a nonsubstantive change in the definition of credit unions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Assembly Bill No. 1123
Introduced by Assembly Member DababnehFebruary 17, 2017
Introduced by Assembly Member Dababneh
February 17, 2017
An act to amend Section 14002 of the Financial Code, relating to credit unions.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1123, as introduced, Dababneh. Credit unions.
Existing law, the California Credit Union Law, defines and regulates the formation, management, and dissolution of credit unions to the extent not preempted by federal law. The law defines credit union for these purposes.This bill would make a nonsubstantive change in the definition of credit unions.
Existing law, the California Credit Union Law, defines and regulates the formation, management, and dissolution of credit unions to the extent not preempted by federal law. The law defines credit union for these purposes.
This bill would make a nonsubstantive change in the definition of credit unions.
## Digest Key
## Bill Text
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 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.
The people of the State of California do enact as follows:
## 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 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.
SECTION 1. Section 14002 of the Financial Code is amended to read:
### SECTION 1.
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 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.
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 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.
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 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.
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 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.