California 2009-2010 Regular Session Status: Enacted

AB 1268 — Financial institutions.

Last action — Chaptered by Secretary of State - Chapter 532, Statutes of 2010.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 27, 2009. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law provides for the regulation and licensure by the Commissioner of Financial Institutions of state-chartered banks and credit unions, money transmitters, persons engaged in the business of issuing travelers checks, business and industrial development corporations, and corporations engaging in the business of selling, in this state, payment instruments issued by it. Each of the laws regulating these licensees establishes various enforcement provisions for violations of those laws. This bill would repeal specified portions of those enforcement provisions. The bill would recast, in one body of law, the enforcement provisions applicable to those licensees and would also recast various other provisions applicable to those licensees. The bill would recast provisions establishing the Deputy Commissioner of Financial Institutions for the Division of Credit Unions. The bill would recast provisions making it a crime for the deputy commissioner to fail to report to the commissioner information regarding the insolvency or unsafe condition of a licensee, if the deputy commissioner has knowledge of those facts. The bill would make other related changes, and would make other changes related to bank and trust company depositaries and stock acquisitions. Existing law authorizes the commissioner to examine the books, accounts, records, files, and any office of a credit union. Existing law authorizes the commissioner to take possession of the property and business of a credit union if the commissioner finds, among other things, that the credit union has inadequate capital or is insolvent. This bill would require the officers and employees of a credit union to exhibit the securities, books, records, and accounts to the examiners, on request. The bill would authorize the commissioner to take possession of the property and business of the credit union if the commissioner finds that the credit union has inadequate net worth, as defined, or is insolvent. The bill would also authorize the commissioner to call a meeting of the board of directors of a credit union, as specified. Existing law prohibits a corporation from engaging in the trust business unless it complies with specified requirements. Existing law exempts from those requirements, among others, certain persons or corporations acting as a trustee or any person appointed as a receiver, trustee, or other fiduciary by the court. This bill would exempt professional fiduciaries from those requirements.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 532, Statutes of 2010.

  2. Approved by the Governor.

  3. Enrolled and to the Governor at 4:45 p.m.

  4. Senate amendments concurred in. To enrollment. (Ayes 74. Noes 0. Page 6322.)

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 17 pursuant to Assembly Rule 77.

  6. Read third time, passed, and to Assembly. (Ayes 34. Noes 0. Page 4490.)

  7. Read second time. To third reading.

  8. Read third time, amended. To second reading.

  9. Action rescinded whereby the bill was read third time, passed, and to Assembly.

  10. In Senate. Held at Desk.

  11. Ordered returned to Senate.

  12. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 27 pursuant to Assembly Rule 77.

  13. Read third time, passed, and to Assembly. (Ayes 39. Noes 0. Page 1927.)

  14. Ordered to Special Consent Calendar.

  15. Read second time. To third reading.

  16. (Corrected August 18.)

  17. Read second time and amended. Ordered returned to second reading.

  18. From inactive file. To second reading.

  19. To inactive file on motion of Senator Benoit.

  20. Read second time. To third reading.

  21. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

  22. From committee: Do pass, and re-refer to Com. on APPR with recommendation: To Consent Calendar. Re-referred. (Ayes 11. Noes 0.) (June 22).

  23. Referred to Com. on B., F. & I.

  24. In Senate. Read first time. To Com. on RLS. for assignment.

  25. Read third time, passed, and to Senate. (Ayes 76. Noes 0. Page 1768.)

  26. Read second time. To Consent Calendar.

  27. From committee: Do pass. To Consent Calendar. (May 20).

  28. Re-referred to Com. on APPR.

  29. From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.

  30. From committee: Do pass, and re-refer to Com. on APPR. with recommendation: To Consent Calendar. Re-referred. (Ayes 10. Noes 0.) (April 27).

  31. From committee: Do pass, and re-refer to Com. on JUD. with recommendation: To Consent Calendar. Re-referred. (Ayes 11. Noes 0.) (April 20).

  32. Re-referred to Com. on B. & F.

  33. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  34. Referred to Coms. on B. & F. and JUD.

  35. Read first time.

  36. From printer. May be heard in committee March 30.

  37. Introduced. To print.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

Co-sponsors (1)

  • Nava

Not signed on (120)

120 members have not signed on to this bill.

Show all 120 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 1268 GAINES Concurrence in Senate Amendments

Passed 85 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 80005
Democratic 2001
Republican 3000
Total 85006
% of votes cast 93%0%0%7%
How each member voted (91)
Member Party Vote
Carter — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Coto — Yea
Bill — Yea
Tom — Yea
Eng — Yea
Fuentes — Yea
Fuller — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Fletcher — Yea
Fong — Yea
Ammiano — Yea
Bass — Yea
Beall — Yea
Davis — Yea
Yamada — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
John — Yea
A. — Yea
Perez — Yea
Charles — Not Voting
Galgiani — Yea
Garrick — Yea
Hagman — Yea
Hall — Yea
Harkey — Yea
Hernandez — Yea
Hill — Yea
Huffman — Yea
Jeffries — Yea
Logue — Not Voting
Ma — Yea
Mendoza — Yea
Miller — Yea
Nava — Yea
Nestande — Yea
Norby — Yea
Ruskin — Yea
Silva — Yea
Skinner — Yea
Smyth — Yea
Swanson — Yea
Torlakson — Yea
Torrico — Yea
Tran — Not Voting
Adams — Yea
Anderson — Yea
Blakeslee — Not Voting
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hayashi — Yea
Huber — Yea
Knight — Yea
Lieu — Yea
Monning — Yea
Nielsen — Yea
Solorio — Yea
Torres — Yea
Villines — Yea
Feuer — Yea
Evans — Not Voting
DeVore — Yea
Furutani — Yea
Gatto — Yea
Gilmore — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Not Voting
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Assembly 3rd Reading AB1268 Gaines By Runner

Passed 35 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 34002
Republican 1000
Democratic 0002
Total 35004
% of votes cast 90%0%0%10%
How each member voted (39)
Member Party Vote
Yee — Yea
Hancock — Yea
Cedillo — Yea
Florez — Yea
Harman — Yea
Hollingsworth — Yea
Kehoe — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Cogdill — Yea
Corbett — Yea
Leno — Yea
McLeod — Yea
Oropeza — Not Voting
Pavley — Yea
Ashburn — Yea
Ducheny — Yea
Dutton — Yea
Price — Yea
Simitian — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Not Voting
Wolk — Yea
Aanestad — Yea
Alquist — Yea
Huff — Yea
Liu — Yea
Romero — Yea
Wright — Yea
Wyland — Yea
Emmerson — Yea
Correa — Yea
DeSaulnier — Yea
Denham — Yea
Calderon, Lisa Democratic Not Voting
Padilla, Stephen C. Democratic Not Voting
Strickland, Tony Republican Yea

Official roll call →

Special Consent #15 AB1268 Gaines By Runner

Passed 40 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 37001
Democratic 2000
Republican 1000
Total 40001
% of votes cast 98%0%0%2%
How each member voted (41)
Member Party Vote
Yee — Yea
Hancock — Yea
Alquist — Yea
Harman — Yea
Wyland — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Cedillo — Yea
Cogdill — Yea
Kehoe — Yea
McLeod — Yea
Oropeza — Yea
Benoit — Yea
Ducheny — Yea
Dutton — Yea
Pavley — Not Voting
Price — Yea
Romero — Yea
Steinberg — Yea
Walters — Yea
Wolk — Yea
Wright — Yea
Aanestad — Yea
Ashburn — Yea
Hollingsworth — Yea
Huff — Yea
Leno — Yea
Liu — Yea
Maldonado — Yea
Simitian — Yea
Wiggins — Yea
Corbett — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Florez — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass, but re-refer to the Committee on Appropriations Recommend Consent.

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 9001
Democratic 2000
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Cogdill — Not Voting
Florez — Yea
Lowenthal — Yea
Runner — Yea
Kehoe — Yea
Wolk — Yea
Harman — Yea
Liu — Yea
Correa — Yea
Cox — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

AB 1268 GAINES Consent Calendar Second Day Regular Session

Passed 88 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 80004
Democratic 5000
Republican 3000
Total 88004
% of votes cast 96%0%0%4%
How each member voted (92)
Member Party Vote
Hagman — Yea
Carter — Yea
Chesbro — Yea
Conway — Yea
Bill — Yea
Berryhill — Yea
Tom — Yea
Berryhill — Yea
Charles — Yea
De — Yea
La — Yea
Anderson — Yea
Blakeslee — Yea
Cook — Yea
Coto — Yea
Davis — Yea
Torre — Yea
De — Yea
Leon — Yea
Yamada — Yea
Fletcher — Yea
Gaines — Yea
Bonnie — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
DeVore — Yea
Eng — Yea
Feuer — Yea
Fuentes — Yea
Galgiani — Yea
Garrick — Yea
Gilmore — Yea
Hall — Yea
Harkey — Yea
Hayashi — Yea
Hill — Yea
Huber — Yea
Jeffries — Yea
Knight — Yea
Logue — Yea
Mendoza — Not Voting
Miller — Yea
Monning — Yea
Nestande — Not Voting
Price — Yea
Ruskin — Yea
Skinner — Yea
Smyth — Yea
Solorio — Yea
Torlakson — Yea
Torres — Yea
Torrico — Yea
Tran — Yea
Adams — Yea
Ammiano — Yea
Bass — Yea
Beall — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Hernandez — Yea
Huffman — Yea
Krekorian — Yea
Lieu — Yea
Ma — Yea
Nava — Yea
Nielsen — Yea
Silva — Yea
Swanson — Yea
Villines — Yea
Emmerson — Yea
Evans — Not Voting
Duvall — Not Voting
Fuller — Yea
Furutani — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Lowenthal, Josh Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass, to Consent Calendar.

Passed 20 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 18001
Democratic 1000
Republican 1000
Total 20001
% of votes cast 95%0%0%5%
How each member voted (21)
Member Party Vote
John — Yea
A. — Yea
Duvall — Yea
Charles — Yea
De — Yea
Leon — Yea
Hall — Yea
Perez — Yea
Audra — Yea
Miller — Not Voting
Solorio — Yea
Ammiano — Yea
Harkey — Yea
Nielsen — Yea
Price — Yea
Skinner — Yea
Torlakson — Yea
Davis — Yea
Fuentes — Yea
Calderon, Lisa Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does AB 1268 do?
Existing law provides for the regulation and licensure by the Commissioner of Financial Institutions of state-chartered banks and credit unions, money transmitters, persons engaged in the business of issuing travelers checks, business and industrial development corporations, and corporations engaging in the business of selling, in this state, payment instruments issued by it. Each of the laws regulating these licensees establishes various enforcement provisions for violations of those laws. This bill would repeal specified portions of those enforcement provisions. The bill would recast, in one body of law, the enforcement provisions applicable to those licensees and would also recast various other provisions applicable to those licensees. The bill would recast provisions establishing the Deputy Commissioner of Financial Institutions for the Division of Credit Unions. The bill would recast provisions making it a crime for the deputy commissioner to fail to report to the commissioner information regarding the insolvency or unsafe condition of a licensee, if the deputy commissioner has knowledge of those facts. The bill would make other related changes, and would make other changes related to bank and trust company depositaries and stock acquisitions. Existing law authorizes the commissioner to examine the books, accounts, records, files, and any office of a credit union. Existing law authorizes the commissioner to take possession of the property and business of a credit union if the commissioner finds, among other things, that the credit union has inadequate capital or is insolvent. This bill would require the officers and employees of a credit union to exhibit the securities, books, records, and accounts to the examiners, on request. The bill would authorize the commissioner to take possession of the property and business of the credit union if the commissioner finds that the credit union has inadequate net worth, as defined, or is insolvent. The bill would also authorize the commissioner to call a meeting of the board of directors of a credit union, as specified. Existing law prohibits a corporation from engaging in the trust business unless it complies with specified requirements. Existing law exempts from those requirements, among others, certain persons or corporations acting as a trustee or any person appointed as a receiver, trustee, or other fiduciary by the court. This bill would exempt professional fiduciaries from those requirements.
Who sponsors AB 1268?
AB 1268 is sponsored by Nava and Beth Gaines.
What is the current status of AB 1268?
This bill has been enacted into law. Introduced February 27, 2009. Enacted.
Where can I track AB 1268?
Track AB 1268 free on One Click Politics — get push/email alerts when it moves.

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