Bill Text: CA SB126 | 2015-2016 | Regular Session | Introduced

California Senate Bill 126 (Prior Session Legislation)

Introduced

Bill Title: Credit unions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB126 Detail]

Download: California-2015-SB126-Introduced.html

BILL NUMBER: SB 126	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Vidak

                        JANUARY 20, 2015

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


	LEGISLATIVE COUNSEL'S DIGEST


   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:

  SECTION 1.  Section 14250 of the Financial Code is amended to read:

   14250.  (a) (1) The commissioner may at any time investigate into
the affairs and examine the books, accounts, records, files, and any
office  within   inside  or outside of this
state used in the business of every credit union, whether it acts or
claims to act under or without authority of this division.
   (2) The commissioner and the commissioner's duly designated
representatives shall have free access to the offices and places of
business, books, accounts, papers, records, files, safes, and vaults
of every credit union referred to in paragraph (1).
   (3) The officers and employees of every credit union being
examined shall exhibit to the examiners, on request, any or all of
its securities, books, records, and accounts and shall otherwise
cooperate with the examination so far as it may be in their power.
   (b) (1) The commissioner shall examine every credit union
organized under the laws of this state to the extent and whenever and
as often as the commissioner shall deem it advisable, but in no case
less than once every two years.
   (2) For purposes of this subdivision, an examination made by the
commissioner in conjunction with or with assistance from the National
Credit Union Administration or a credit union regulatory agency of
another state of the United States is deemed to be an examination
made by the commissioner.
   (3) No provision of this subdivision shall be deemed to require
that the commissioner make an examination onsite at the offices of a
credit union.