Amended in Assembly January 4, 2016

California Legislature—2015–16 Regular Session

Assembly BillNo. 1549


Introduced by Assembly Member Wood

September 11, 2015


An act to add begin deleteDivision 5.1 (commencing with Section 16910) to the Financial Code, relating to the California Cannabis Credit Unionend deletebegin insert Section 14051 to the Government Code, relating to highwaysend insert.

LEGISLATIVE COUNSEL’S DIGEST

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

begin 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 insert
begin insert

This 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 insert
begin delete

Existing 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 delete
begin delete

This 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 delete

Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.

The people of the State of California do enact as follows:

P2    1begin insert

begin insertSECTION 1.end insert  

end insert

begin insertSection 14051 is added to the end insertbegin insertGovernment Codeend insertbegin insert,
2to read:end insert

begin insert
3

begin insert14051.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.

end insert
begin delete7

SECTION 1.  

Division 5.1 (commencing with Section 16910)
8is added to the Financial Code, to read:

9 

10Division 5.1.  California Cannabis Credit Union

11

 

12

16910.  

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).

20

16911.  

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.

end delete


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