BILL NUMBER: AB 1227	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Linder

                        FEBRUARY 22, 2013

   An act to amend Section 14101.8 of the Financial Code, relating to
credit unions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1227, as introduced, Linder. Credit unions.
   Existing law, the California Credit Union Law, provides for the
regulation and certification of credit unions by the Commissioner of
Financial Institutions. Existing law generally provides that an
amendment of the articles of a credit union is not effective unless
filed with the Secretary of State.
   This bill would make nonsubstantive changes 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 14101.8 of the Financial Code is amended to
read:
   14101.8.  (a)  No   An  amendment of the
articles of a credit union shall  not  become effective
unless the certificate of amendment or other instrument setting forth
the amendment is filed with the Secretary of State with the
commissioner's approval endorsed thereon. The amendment shall become
effective upon being filed with the Secretary of State. Promptly
after the amendment becomes effective, the credit union shall file
with the commissioner a copy of the certificate of amendment or other
instrument certified by the Secretary of State.
   (b) An amendment of the articles set forth in an agreement of
merger that requires the approval of the commissioner shall not be
subject to the provisions of subdivision (a). An amendment meeting
this criteria shall become effective at the time the merger becomes
effective, pursuant to this division.