Senate BillNo. 126

Introduced by Senator Vidak

January 20, 2015

An act to amend Section 14250 of the Financial Code, relating to credit unions.


SB 126, as introduced, Vidak. Credit unions.

The California Credit Union Law provides for the regulation of credit unions within the state by the Commissioner of Business Oversight. That law authorizes the commissioner to investigate into the affairs and examine the books, accounts, records, files, and any office of every credit union.

This bill would make a nonsubstantive change to that provision.

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

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

P1    1


Section 14250 of the Financial Code is amended
2to read:



(a) (1) The commissioner may at any time investigate
4into the affairs and examine the books, accounts, records, files,
5and any officebegin delete withinend deletebegin insert insideend insert or outside of this state used in the
6business of every credit union, whether it acts or claims to act
7under or without authority of this division.

8(2) The commissioner and the commissioner’s duly designated
9representatives shall have free access to the offices and places of
10business, books, accounts, papers, records, files, safes, and vaults
11of every credit union referred to in paragraph (1).

P2    1(3) The officers and employees of every credit union being
2examined shall exhibit to the examiners, on request, any or all of
3its securities, books, records, and accounts and shall otherwise
4cooperate with the examination so far as it may be in their power.

5(b) (1) The commissioner shall examine every credit union
6organized under the laws of this state to the extent and whenever
7and as often as the commissioner shall deem it advisable, but in
8no case less than once every two years.

9(2) For purposes of this subdivision, an examination made by
10the commissioner in conjunction with or with assistance from the
11National Credit Union Administration or a credit union regulatory
12agency of another state of the United States is deemed to be an
13examination made by the commissioner.

14(3) No provision of this subdivision shall be deemed to require
15that the commissioner make an examination onsite at the offices
16of a credit union.