Bill Text: CA AB2646 | 2011-2012 | Regular Session | Amended

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Bill Title: Credit unions: branch offices: Indian reservations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-04-16 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2646 Detail]

Download: California-2011-AB2646-Amended.html

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BILL NUMBER: AB 2646	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 29, 2012

INTRODUCED BY   Assembly Member Gatto

                        FEBRUARY 24, 2012

   An act  to amend Section 14254.5 of the Financial Code, 
relating to credit unions.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2646, as amended, Gatto. Credit unions: branch offices: Indian
reservations.
   Existing law provides for the formation and regulation of
state-certified credit unions and requires that a credit union obtain
a certificate of authority from the Commissioner of Financial
Institutions to transact business as a credit union. Existing law
prohibits a  foreign (other nation)  credit union
from  maintaining an office in this state at which it engages
in representational functions unless it is licensed to maintain a
representative office, agency, or branch at that place, as specified
  establishing a branch in an   other state or
in a foreign nation, as defined, without obtaining specified approval
 .
   This bill  would state the intent of the Legislature to
enact legislation that  would authorize a state-certified
credit union  , with the approval of the appropriate tribal
government,  to operate a branch office on an Indian
reservation.
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


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

   SECTION   1   .    Section 
 14254.5 of the   Financial Code   is amended
to read: 
   14254.5.  (a) Except as provided in subdivisions (b) and (c),
within 10 business days of opening, closing, or relocating a branch
office, a credit union shall notify the commissioner in writing of
the action, including the street and mailing addresses of the branch
office.
   (b) A credit union shall not establish a branch office in another
state of the United States without the approval of the governmental
authority with jurisdiction to license or charter credit unions in
that state. "State" has the meaning set forth in Section 
146.7   207  .
   (c) A credit union shall not establish a branch office in a
foreign nation without the prior written approval of the
commissioner. "Foreign nation" has the meaning set forth in Section
 139.3   175  . 
   (d) Notwithstanding any other law, a credit union may, with the
approval of the appropriate tribal government, establish a branch on
the reservation or rancheria lands of a federally recognized Indian
tribe within the borders of the state.  
  SECTION 1.    It is the intent of the Legislature
to enact legislation that would authorize a state-certified credit
union to operate a branch office on an Indian reservation.