BILL NUMBER: AB 1912	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Achadjian

                        FEBRUARY 22, 2012

   An act to amend Section 14002 of the Financial Code, relating to
credit unions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1912, as introduced, Achadjian. Credit unions.
   Existing law, the California Credit Union Law, provides for the
regulation of credit unions within the state by the Director of
Financial Institutions.
   Existing law provides that a credit union is a cooperative,
organized for the purposes of improving the economic and social
conditions of its members.
   This bill would make a nonsubstantive change 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 14002 of the Financial Code is amended to read:

   14002.  A credit union is a cooperative, organized for the
purposes of promoting thrift and savings among its members, creating
a source of credit for them at rates of interest set by the board of
directors, and providing an opportunity for  them 
 the members  to use and control their own money on a
democratic basis in order to improve their economic and social
conditions. As a cooperative, a credit union conducts its business
for the mutual benefit and general welfare of its members with the
earnings, savings, benefits, or services of the credit union being
distributed to its members as patrons.