reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31600.

31600. In this chapter:
(a) “Acquiring licensee” means:
(1) In the case of a merger, the licensee which is the surviving corporation;
(2) In the case of a purchase or sale, the licensee which is the purchaser.
(b) “Disappearing corporation” has the meaning set forth in Section 165 of the Corporations Code.
(c) “Surviving corporation” has the meaning set forth in Section 190 of the Corporations Code.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31601.

31601. No licensee shall merge with any other corporation unless:
(a) In case such licensee is the surviving corporation, such merger shall have first been approved by the commissioner;
(b) In case such licensee is a disappearing corporation, the surviving corporation is a licensee and such merger shall have first been approved by the commissioner.
(Amended by Stats. 1996, Ch. 1064, Sec. 673. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31602.

31602. No licensee shall purchase all or substantially all of the business of any other person unless such purchase shall have first been approved by the commissioner.
(Amended by Stats. 1996, Ch. 1064, Sec. 674. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31603.

31603. No licensee shall sell all or substantially all of its business to any other person unless such other person is a licensee and such sale shall have first been approved by the commissioner.
(Amended by Stats. 1996, Ch. 1064, Sec. 675. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31604.

31604. If the commissioner finds, with respect to an application for approval of a merger, purchase, or sale:
(a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee;
(b) That it is reasonable to believe that, upon consummation of the merger, purchase, or sale, the acquiring licensee will comply with all applicable provisions of this division and of any regulation or order issued under this division; and
(c) That the merger, purchase, or sale will not be detrimental to the public convenience and advantage, or, if the merger, purchase, or sale would be detrimental to the public convenience and advantage, that it is necessary in the interests of the safety and soundness of any of the parties to it;
The commissioner shall approve the application. If, after notice and a hearing, the commissioner finds otherwise, he or she shall deny the application.
(Amended by Stats. 1996, Ch. 1064, Sec. 676. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 9 - Merger and Purchase or Sale of Business › Section 31605.

31605. The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or for specified periods, exempt from the provisions of this chapter any person or transaction or class of persons or transactions, if he or she finds such action to be in the public interest and that the regulation of such persons or transactions is not necessary for the purposes of this division.
(Amended by Stats. 1996, Ch. 1064, Sec. 677. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 10 - Voluntary Surrender of License › Section 31650.

31650. Any licensee may surrender its license by filing with the commissioner such license and a report which shall be in such form, shall contain such information, shall be signed in such manner, and shall (if the commissioner so requires by regulation or order) be verified in such manner, as the commissioner may by regulation or order require.
(Amended by Stats. 1996, Ch. 1064, Sec. 678. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 10 - Voluntary Surrender of License › Section 31651.

31651. (a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective on the 30th day after such license and the report called for in Section 31650 are filed with the commissioner or on such earlier date as the commissioner may by order specify.
(b) If a proceeding to revoke or suspend a license is pending at the time when such license and the report called for in Section 31650 are filed with the commissioner or if a proceeding to revoke or suspend a license or to impose conditions upon the surrender of a license is instituted before the 30th day after such license and the report called for in Section 31650 are filed with the commissioner, the voluntary surrender of such license shall become effective at such time and upon such conditions as the commissioner may by order specify.
(Amended by Stats. 1996, Ch. 1064, Sec. 679. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 31800.

31800. It shall be unlawful for any person willfully to make any untrue statement of a material fact in any application or report filed with the commissioner under this division or under any regulation or order issued under this division, or willfully to omit to state in any such application or report any material fact which is required to be stated therein.
(Amended by Stats. 1996, Ch. 1064, Sec. 694. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 31801.

31801. It shall be unlawful for any person having custody of any of the books, accounts, or other records of a licensee willfully to refuse to allow the commissioner, upon request, to inspect or make copies of any of such books, accounts, or other records.
(Amended by Stats. 1996, Ch. 1064, Sec. 695. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 31802.

31802. It shall be unlawful for any person, with intent to deceive any director, officer, employee, auditor, or attorney of a licensee, the commissioner, or any governmental agency, to make any false entry in any of the books, accounts, or other records of such licensee, to omit to make any entry in such books, accounts, or other records which such person is required to make, or to alter, conceal, or destroy any of such books, accounts, or other records.
(Amended by Stats. 1996, Ch. 1064, Sec. 696. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31820.

31820. In this article, unless the context otherwise requires:
(a) “Adviser,” when used with respect to a licensee, means any person who regularly provides legal, accounting, or management services or advice to such licensee.
(b) “Associate,” when used with respect to a licensee, means:
(1) Any principal shareholder, director, officer, manager, agent, or adviser of such licensee;
(2) Any director, officer, partner, general manager, agent, employer, or employee of any person referred to in paragraph (1) of this subdivision;
(3) Any person who controls, is controlled by, or is under common control with, any person referred to in paragraph (1) of this subdivision, directly or indirectly through one or more intermediaries;
(4) Any close relative of any person referred to in paragraph (1) of this subdivision;
(5) Any person of which any person referred to in paragraphs (1) to (4), inclusive, of this subdivision is a director or officer; or
(6) Any person in which any person referred to in paragraphs (1) to (4), inclusive, of this subdivision or any combination of such persons acting in concert owns or controls, directly or indirectly, a 10 percent or greater equity interest.
(7) For purposes of this subdivision, any person who is in any of the relationships referred to in paragraphs (1) to (6), inclusive, of this subdivision within six months before or after a licensee provides financing assistance shall be deemed to be in such relationship as of the date when such licensee provides such financing assistance.
(8) For purposes of this subdivision, in case a licensee, in order to protect its interests, designates any person to serve as a director of, officer of, or in any capacity in the management of, a business firm to which such licensee provides financing assistance, such person shall not, on that account, be deemed to have any relationship with such business firm; provided, however, that this paragraph shall not apply in any case where the person has, directly or indirectly, any other financial interest in the business firm or where the person, at any time before the licensee provides the financing assistance, served as a director of, officer of, or in any other capacity in the management of, the business firm for a period of 30 days or more.
(c) “Close relative” means ancestor, lineal descendant, brother or sister and lineal descendants of either, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, or sister-in-law.
(d) “Closing services” means services performed in connection with the providing of financing assistance. “Closing services” includes (but is not limited to) appraising property and preparing credit reports. “Closing services” does not include any services performed after the providing of financing assistance.
(e) “Short-term financing assistance” means any financing assistance with a term of not more than five years.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31821.

31821. (a) The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions and for specified periods, exempt from the provisions of this article any person or transaction or class of persons or transactions, if the commissioner finds such action to be in the public interest and that the regulation of such persons or transactions is not necessary for the purposes of this division.
(b) In exempting from the provisions of this article any person or transaction or class of persons or transactions, the commissioner shall give due consideration to any conflict of interest provision of federal law or regulation applicable to such person or transaction governing participants in federal financing programs.
(Amended by Stats. 1996, Ch. 1064, Sec. 697. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31822.

31822. It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any of its associates.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31823.

31823. (a) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of the first licensee receives, has received, or is about to receive, directly or indirectly, financing assistance or a commitment for financing assistance from such other licensee.
(b) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of the first licensee receives, has received, or is about to receive, directly or indirectly financing assistance or a commitment for financing assistance from a third licensee pursuant to any contract, understanding, or arrangement among such licensees.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31824.

31824. It shall be unlawful for any licensee or for any associate of a licensee, directly or indirectly, to borrow money from:
(a) Any person to which such licensee has provided, or has committed to provide, financing assistance;
(b) Any director of, officer of, or person who owns a 10 percent or greater equity interest in, any person referred to in subdivision (a); or
(c) Any close relative of any person referred to in subdivision (b).
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31825.

31825. It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to discharge, or to free other funds for use in discharging, in whole or in part, an obligation to any associate of such licensee; provided, however, that this section shall not apply to any transaction effected by an associate of a licensee in the normal course of such associate’s business involving a line of credit or short-term financing assistance.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31826.

31826. It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance for the purchase of property from any associate of such licensee.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31827.

31827. It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any person to whom any associate of such licensee provides financing assistance, either contemporaneously with, or within one year before or after, the providing of financing assistance by the licensee, if the terms on which the licensee provides financing assistance are less favorable to the licensee than the terms on which the associate provides financing assistance to the associate. In any case where the financing assistance provided by the associate of the licensee is of a different kind from the financing assistance provided by the licensee, the burden shall be on the licensee to prove that the terms on which it provided financing assistance were at least as favorable to it as the terms on which the associate provided financing assistance to the associate. This section shall not apply to any transaction effected by an associate of a licensee in the normal course of such associate’s business involving a line of credit or short-term financing assistance.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31828.

31828. It shall be unlawful for any associate of a licensee, directly or indirectly, to receive from any person to whom such licensee provides financing assistance, any compensation in connection with the providing of such financing assistance or anything of value for procuring, influencing, or attempting to procure or influence, the licensee’s action with respect to the providing of the financing assistance. This section shall not apply to the receipt by an associate of a licensee of fees for bona fide closing services performed by such associate; provided, however, that the associate is, with the consent and knowledge of the person to whom the financing assistance is provided, designated by the licensee to perform such services, that the services are appropriate and necessary in the circumstances, that the fees for the services are approved as reasonable by the licensee, and that the fees for the services are collected by the licensee on behalf of the associate.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 31829.

31829. It shall be unlawful for any licensee, directly or indirectly, to sell or otherwise transfer any of its assets to any of its associates.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 3 - Criminal Penalties › Section 31880.

31880. Any person who violates any provision of this chapter shall upon conviction be fined not more than ten thousand dollars ($10,000) or be imprisoned pursuant to subdivision (h) of Section 1170 of the Penal Code, or in a county jail for not more than one year, or be punished by both that fine and imprisonment.
(Amended by Stats. 2011, Ch. 15, Sec. 114. (AB 109) Effective April 4, 2011. Operative October 1, 2011, by Sec. 636 of Ch. 15, as amended by Stats. 2011, Ch. 39, Sec. 68.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 3 - Criminal Penalties › Section 31881.

31881. Nothing in this division limits the power of the state to punish any person for any act which constitutes a crime under any statute.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 13 - Civil Penalties › Section 31900.

31900. If, after notice and a hearing, the commissioner finds that any person has violated any provision of this division or of any regulation or order issued under this division, the commissioner may order such person to pay to the commissioner a civil penalty in such amount as the commissioner may specify; provided, however, that the amount of such civil penalty shall not exceed one thousand dollars ($1,000) for each violation, or in the case of a continuing violation, one thousand dollars ($1,000) for each day for which such violation continues.
(Amended by Stats. 1996, Ch. 1064, Sec. 698. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 13 - Civil Penalties › Section 31901.

31901. The provisions of Section 31900 are additional to, and not alternative to, other provisions of this division which authorize the commissioner to issue orders or to take other action on account of a violation of any provision of this division or of any regulation or order issued under this division; provided, however, that no person who has been finally convicted under Chapter 12 (commencing with Section 31800) of this division on account of a violation of any provision of Chapter 12 shall be liable to pay a civil penalty under Section 31900 on account of such violation, nor shall any person who has paid a civil penalty under Section 31900 on account of a violation of any provision of Chapter 12 be liable to criminal prosecution under Chapter 12 on account of such violation.
(Amended by Stats. 1996, Ch. 1064, Sec. 699. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 14 - Transition Provisions › Section 31950.

31950. In this chapter:
(a) “Member” has the meaning set forth in the old law.
(b) “Old corporation” means a corporation organized under the old law.
(c) “Old law” means Part 6 (commencing with Section 14200), Division 3, Title 1 of the Corporations Code, as added by Chapter 985 of the Statutes of 1975.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 14 - Transition Provisions › Section 31951.

31951. Except as otherwise provided in Sections 31004 and 31952, the provisions of the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) shall, on and after the effective date of this division, apply to each old corporation; provided, however, that, for purposes of the provisions of Chapter 23 (commencing with Section 2300) of the General Corporation Law, with respect to each old corporation:
(a) The term “effective date” shall mean the effective date of this division.
(b) The term “prior law” shall mean the old law.
(c) Each old corporation shall be deemed to be a corporation referred to in Section 162 of the Corporations Code.
(Amended by Stats. 1978, Ch. 965.)
2023 California Code › Financial Code - FIN › DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › CHAPTER 14 - Transition Provisions › Section 31952.

31952. In case any old corporation has, on the effective date of this division, any members:
(a) The old law shall continue to apply with respect to matters relating to the rights and obligations of such members with respect to such old corporation and to matters relating to the rights and obligations of such old corporation with respect to such members, so long as any of such members continues to be a member of such old corporation; provided, however, that, notwithstanding any provision of the old law to the contrary, any member of an old corporation may withdraw from membership in such old corporation by giving to such old corporation written notice of its intent to withdraw from membership in such old corporation not less than 10 days before the date on which it intends to withdraw from membership in such old corporation, which date shall be specified in such notice, and the withdrawal of such member from membership in such old corporation shall be effective on such date.
(b) No person shall, on or after the effective date of this division, become a member of such old corporation.
(Added by Stats. 1977, Ch. 1164.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction and Severability › Section 32000.

32000. This division shall be known and may be cited as the “State Assistance Fund for Enterprise Act of 1989.”
(Amended by Stats. 1989, Ch. 1040, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction and Severability › Section 32001.

32001. In this division, unless the context otherwise requires:
(a) A reference to a statute or to a regulation includes such statute or regulation as amended, whether before or after the effective date of this division, as well as any new statute or regulation substituted for such statute or regulation after the effective date of this division.
(b) A reference to a governmental agency or to a public officer includes any governmental agency or public officer which succeeds after the effective date of this division to substantially the same functions as those performed by such governmental agency or public officer on the effective date of this division.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction and Severability › Section 32002.

32002. If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or enforceability shall not affect other provisions or applications of this division which can be given effect without the invalid, illegal, or unenforceable provision or application, and to this end, the provisions of this division are declared to be severable.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 2 - Legislative Purposes › Section 32101.

32101. The purposes of this division are the following:
(a) To enhance the availability of financial assistance for small business in California.
(b) To increase the cost effectiveness and efficiency of financial assistance to small businesses provided by the state.
(c) To provide maximum utilization of available federal assistance programs, including, but not limited to, the Small Business Administration’s loan guarantee program.
(d) To reduce duplication and overlap in the provisions of financing assistance to small businesses through increased coordination and direction of state assistance programs.
(e) To provide the maximum degree of leverage of the limited state resources available to assist small business, consistent with sound business practices and fiduciary responsibility.
(f) To increase the competitiveness of California’s small businesses in the world economy and the creation of jobs.
(Repealed and added by Stats. 1989, Ch. 1040, Sec. 5.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32200.

32200. Subject to additional definitions contained in Division 15 (commencing with Section 31000) and this division which are applicable to specific provisions of these divisions and unless the context otherwise requires, the definitions in this article apply throughout this division.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32201.

32201. “Alternative energy system” means any device or combination of devices which conserves or produces heat, process heat, space heating, water heating, steam, space cooling, refrigeration, mechanical energy, electricity, or energy in any form convertible to these uses, which does not expend or use conventional energy fuels, except when such conventional energy fuels are used as a back up energy system for such alternative energy system or in conjunction with an alternative energy system.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32202.

32202. “Conventional energy fuel” means any fuel derived from petroleum deposits, including but not limited to oil, heating oil, gasoline, fuel oil, or natural gas, including liquified natural gas, or nuclear fissionable materials. “Conventional energy fuel” includes energy produced by the use of such fuels.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32203.

32203. “Small business” means a business defined as an eligible small business as set forth in Section 121.3-10 of Part 121, Chapter 1, Title 13 of the Code of Federal Regulations.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32204.

32204. “State Controller” means the State Controller or any person to whom the State Controller delegates the authority to act for him or her in the particular matter.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32205.

32205. “Rules Committee” means the rules committee of the State Senate or any person to whom the rules committee of the State Senate delegates to act for it in the particular matter.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32206.

32206. “Speaker” means the Speaker of the State Assembly or any person to whom the Speaker of the Assembly delegates the authority to act for him in the particular matter.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32207.

32207. “Corporation” means the State Assistance Fund for Enterprise Business and Industrial Development Corporation.
(Amended by Stats. 2004, Ch. 25, Sec. 1. Effective March 17, 2004.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32208.

32208. “Energy Commission” means the State Energy Resources Conservation and Development Commission.
(Amended by Stats. 2015, Ch. 303, Sec. 161. (AB 731) Effective January 1, 2016.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32209.

32209. “ Alternative energy business firm” means any small business engaged primarily in the business of the design, manufacture, production, assembly, distribution, marketing, sale, transportation, or installation of an alternative energy system, or, any small business engaged primarily in the business of producing, transmitting, or selling energy produced by an eligible alternative energy system.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32212.

32212. “Finance officer” means the director of the finance division of the corporation.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32215.

32215. “Governor” means the Governor of the State of California or any person to whom the Governor of the State of California delegates the authority to act for him in the particular matter.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32216.

32216. “Savings-investment ratio” means an analysis of the proposed system in which energy cost savings are added to other net benefits and costs from operation, maintenance, replacements, depreciation, tax credits and financing costs, and divided by initial investment costs. All benefits and costs are to be evaluated in present or constant dollars.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32217.

32217. “Life cycle cost analysis” means an analysis of a proposed system in which all costs and benefits are evaluated over the expected life of the system.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32218.

32218. “Minimum economic feasibility” means that the net savings or benefits of an investment exceed the net costs.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 1 - General Provisions › ARTICLE 3 - Definitions › Section 32219.

32219. “Special projects” means any financing assistance or other program undertaken by the corporation pursuant to Article 3 (commencing with Section 32720) of Chapter 6.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 1 - Creation of the Corporation › Section 32300.

32300. The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions of the Nonprofit Corporation Law (Part 1 (commencing with Section 9000), Division 2, Title 1 of the Corporations Code) on January 1, 1981.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 1 - Creation of the Corporation › Section 32301.

32301. Except as otherwise provided in this division:
(a) The Nonprofit Corporation Law shall apply to the corporation. However, whenever any provision of the Nonprofit Corporation Law conflicts with any provision of this division, the provision of the Nonprofit Corporation Law shall not apply and the provision of this division shall apply.
(b) The Business and Industrial Development Corporation Law (Division 15 (commencing with Section 31000)) shall apply to this corporation. However, whenever any provision of the Business and Industrial Development Corporation Law conflicts with any provision of this division, the provision of the Business and Industrial Development Corporation Law shall not apply and the provision of this division shall apply.
(c) The Small Business Development Corporation Law (Chapter 1 (commencing with Section 14000) of Part 5 of Division 3 of Title 1 of the Corporations Code) shall apply to the corporation, except that, to the extent of any conflict between those provisions and this division, the provisions of this division shall prevail.
(d) Whenever a conflict exists between any of the following acts, the conflict shall be resolved by applying the conflicting provision contained in the act in order of preference as listed in this subdivision, and the applicable provision shall prevail over the other conflicting provisions:
(1) The Business and Industrial Development Corporations Law (Division 15 (commencing with Section 31000)).
(2) The Small Business Development Corporation Law (Ch. 1 (commencing with Section 14000), Pt. 5, Div. 3, Corp. C.).
(3) The Nonprofit Corporation Law (Div. 2 (commencing with Section 5000) Pt. 1, Corp. C.).
(e) The State Assistance Fund for Enterprise, Business, and Industrial Development Corporation (SAFE-BIDCO), which was established by this division, meets the definition of a community development financial institution for purposes of eligibility consistent with Sections 12209, 17053.57, and 23657 of the Revenue and Taxation Code.
(Amended by Stats. 2002, Ch. 939, Sec. 1. Effective September 27, 2002.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 2 - Corporate Name › Section 32310.

32310. The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
(Amended by Stats. 1989, Ch. 1040, Sec. 6.5.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32320.

32320. Except as provided in Sections 32325 and 32352.5, the board of directors of the corporation shall consist of six members, two official and four public directors.
(Amended by Stats. 2004, Ch. 25, Sec. 4. Effective March 17, 2004.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32321.

32321. (a) The official members of the board shall be:
(1) A member of the Governor’s cabinet, or his or her designee.
(2) One member of the Energy Commission, selected and appointed by the members of the Energy Commission.
(b) The public members of the board shall be:
(1) One member selected and appointed by the Senate Rules Committee.
(2) One member selected and appointed by the Speaker of the Assembly.
(3) Two members selected and appointed by the Governor as follows:
(A) One member with a minimum three years’ experience as an owner, partner, officer, or employee of a California-based small business.
(B) One member with a minimum three years’ experience as an officer or employee of a financial institution.
(Amended by Stats. 2004, Ch. 25, Sec. 5. Effective March 17, 2004.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32322.

32322. (a) The terms of official members of the board shall coincide with their official terms of office, except in the case of the member selected and appointed by the members of the Energy Commission, who shall serve on the board until he or she is no longer a member of the Energy Commission or until he or she is replaced by a vote of the Energy Commission.
(b) The public members of the board shall be appointed by the Rules Committee, Speaker, and Governor in such a manner that they shall hold office for overlapping terms. At the time of the appointment of first directors, the first term of the directors appointed by the Rules Committee and Speaker shall be approximately two years. At the time of the appointment of first directors, the first term of the directors appointed by the Governor shall be approximately one year for one director and approximately three years for two directors. Thereafter, the terms of all public directors shall be three years. Directors shall be eligible for reappointment for an unlimited number of terms.
(c) A public director’s tenure shall continue until his successor has been appointed and has taken his position on the board.
(d) In the case of public members, vacancies shall be filled by appointment of the respective appointing authority for the unexpired remainder of the term.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32323.

32323. (a) The directors selected and appointed by the Governor, Rules Committee, and Speaker shall meet the requirements of subdivision (d) of Section 31152.
(b) The directors shall hold office until the directors of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation take office.
(Amended by Stats. 1989, Ch. 1040, Sec. 8.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32324.

32324. (a) The official directors shall serve without compensation, except that they shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties, or at the discretion of the board, may receive a reasonable per diem payment and mileage charge as reimbursement for living and traveling expenses incurred in the performance of duties away from their principal areas of residence. The amount of such per diem payment shall not exceed the rate established by the state for any calendar day. No director shall receive per diem both in the course of his official duties and from the corporation for the same calendar day.
(b) All other directors may, at the discretion of the board, be paid a stipend in addition to reimbursement for their actual and necessary expenses incurred in the performance of their duties or reasonable per diem payment and mileage charge. The amount of any per diem payment shall not exceed the rate established by the state for any calendar day. The board shall determine the amount of the stipend received by public directors, provided, however, that such stipend shall not exceed one hundred dollars ($100) for any calendar day. Additionally, public directors may not receive stipends for more than 25 days in any calendar year.
(Amended by Stats. 2004, Ch. 25, Sec. 6. Effective March 17, 2004.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32325.

32325. If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in Section 32321, the board may select not more than three private directors to assist the board in managing the corporation, subject to the following:
(a) Private directors shall serve on the board in an advisory and voluntary capacity.
(b) Each private director shall be knowledgeable about the CDFI target market.
(c) At the discretion of the board, private directors shall be eligible to receive compensation, subject to the limitations contained in subdivision (b) of Section 32324.
(Amended by Stats. 2004, Ch. 25, Sec. 7. Effective March 17, 2004.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 3 - Board of Directors › Section 32326.

32326. The board of directors of the corporation shall establish a loan committee, which shall review, rank, and approve or disapprove applications for loans under this division in accordance with procedures and criteria adopted by the board of directors. The loan committee shall consist of persons appointed by, and who shall serve at the pleasure of, the board of directors of the corporation.
(Repealed and added by Stats. 1989, Ch. 1040, Sec. 9.5.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 4 - Management of the Corporation › Section 32330.

32330. The management of the corporation shall be conducted by the board of directors, subject to the following limitations:
(a) All action taken by the board of directors shall require the approval of a majority of the board present at a meeting at which there is a quorum or by unanimous written consent of all directors.
(b) The board of directors shall file revised articles of incorporation with the Secretary of State no later than January 30, 1990.
(c) The board of directors shall apply for a revised license as a California Business and Industrial Development Corporation by March 1, 1990.
(Amended by Stats. 1989, Ch. 1040, Sec. 10.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 4 - Management of the Corporation › Section 32331.

32331. The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 4 - Management of the Corporation › Section 32332.

32332. The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees; eligibility criteria for loan applications and application procedures; procedures for the deposit and sale of government guaranteed securities; and the establishment of loan loss reserves.
(Added by Stats. 1989, Ch. 1040, Sec. 10.2.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 6 - Powers, Exclusions and Prohibitions › Section 32350.

32350. (a) The corporation may appoint such agents and employees as it requires, and determine their qualifications, duties, terms of employment, and compensation. The corporation shall adopt personnel rules and regulations applicable to its employees.
(b) The corporation may contract for such legal counsel as in its judgment is necessary or advisable to enable it to carry out its purposes.
(Added by Stats. 1980, Ch. 819, Sec. 1.)
2023 California Code › Financial Code - FIN › DIVISION 15.5 - STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION › CHAPTER 2 - Corporate Matters › ARTICLE 6 - Powers, Exclusions and Prohibitions › Section 32351.

32351. The corporation shall not provide financing assistance to any business firm in this state unless such business firm meets the financial and eligibility criteria for the specific type of financial assistance to be provided by the corporation, including, where appropriate, prior application to a bank or other financial institution for a loan or other financial assistance.
(Amended by Stats. 1986, Ch. 1338, Sec. 6.)