BILL NUMBER: SB 422	INTRODUCED
	BILL TEXT


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.
State-mandated 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.