AB 1549,
as amended, Wood. begin deleteCalifornia Cannabis Credit Union. end deletebegin insert Department of Transportation: state highway rights-of-way: fiber-optic cables: inventory.end insert
Existing law provides that the Department of Transportation has full possession and control of state highways and associated property. Existing law provides for the department to issue encroachment permits with respect to structures and activities in, under, or over any portion of the right-of-way of a state highway.
end insertbegin insertThis bill would require the department to maintain an inventory of all conduits that house fiber-optic communication cables located on state highway rights-of-way, and to make that information available to the public upon request.
end insertExisting federal and state law regulates the activities of credit unions. The State Board of Equalization administers various taxes and fees, including the Sales and Use Tax Law. Existing law establishes the California Infrastructure and Economic Development Bank in the Governor’s Office of Business and Economic Development and, among other things, authorizes it to issue revenue bonds, as specified.
end deleteThis bill would establish the California Cannabis Credit Union within the State Board of Equalization and require the board to promulgate regulations necessary for its implementation. The bill would require these regulations to establish standards allowing businesses and individuals engaged in licensed cannabis activities to have banking services through the California Cannabis Credit Union like those provided by other credit unions. The bill would authorize the California Cannabis Credit Union to provide checking accounts, saving accounts, and other related accounts and services to businesses and individuals engaged in licensed cannabis activities and to provide personal, auto, and home loans to these businesses and individuals.
end deleteVote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
begin insertSection 14051 is added to the end insertbegin insertGovernment Codeend insertbegin insert,
2to read:end insert
The department shall maintain an inventory of all
4conduits that house fiber-optic communication cables located on
5state highway rights-of-way. The department shall make the
6information available to the public upon request.
Division 5.1 (commencing with Section 16910)
8is added to the Financial Code, to read:
9
The California Cannabis Credit Union is hereby
13established within the State Board of Equalization. The board shall
14promulgate necessary regulations to implement this division.
15Among other things, the regulations shall establish standards that
16allow businesses and individuals engaged in licensed cannabis
17activities to have banking services through the California Cannabis
18Credit Union that are analogous to those provided by Division 5
19(commencing with Section 14000).
The California Cannabis Credit Union is authorized to
21provide checking accounts, saving accounts, and other related
22accounts and services to qualified businesses and individuals
23engaged in licensed cannabis activities. The California Cannabis
24Credit Union is authorized to provide personal, auto, and home
P3 1loans to businesses and individuals engaged in licensed cannabis
2activities.
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