Bill Text: CA AB1549 | 2015-2016 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Department of Transportation: state highway rights-of-way: broadband: fiber optic cables.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-09-23 - Chaptered by Secretary of State - Chapter 505, Statutes of 2016. [AB1549 Detail]

Download: California-2015-AB1549-Introduced.html

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BILL NUMBER: AB 1549	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Wood

                        SEPTEMBER 11, 2015

   An act to add Division 5.1 (commencing with Section 16910) to the
Financial Code, relating to the California Cannabis Credit Union.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1549, as introduced, Wood. California Cannabis Credit Union.
   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.
   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.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Division 5.1 (commencing with Section 16910) is added
to the Financial Code, to read:

      DIVISION 5.1.  California Cannabis Credit Union


   16910.  The California Cannabis Credit Union is hereby established
within the State Board of Equalization. The board shall promulgate
necessary regulations to implement this division. Among other things,
the regulations shall establish standards that allow businesses and
individuals engaged in licensed cannabis activities to have banking
services through the California Cannabis Credit Union that are
analogous to those provided by Division 5 (commencing with Section
14000).
   16911.  The California Cannabis Credit Union is authorized to
provide checking accounts, saving accounts, and other related
accounts and services to qualified businesses and individuals engaged
in licensed cannabis activities. The California Cannabis Credit
Union is authorized to provide personal, auto, and home loans to
businesses and individuals engaged in licensed cannabis activities.