reglab/statecodes huggingface dataset:
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25608.1.

25608.1. (a) The fee for an investment company filing a notice pursuant to subdivision (b) of Section 25100.1 is two hundred dollars ($200) plus one-fifth of 1 percent of the aggregate value of the securities sought to be sold in this state up to a maximum aggregate fee of two thousand five hundred dollars ($2,500).
(b) The fee for an issuer filing a notice pursuant to subdivision (a) of Section 25102.1 is six hundred dollars ($600).
(c) The fee for an issuer filing a notice pursuant to subdivision (d) of Section 25102.1 is three hundred dollars ($300).
(d)  (1)  The fee for an investment adviser filing a notice pursuant to subdivision (b) of Section 25230.1 is one hundred twenty-five dollars ($125) and the fee for filing a notice or report required by rules adopted pursuant to subdivision (c) of Section 25230.1 is twenty-five dollars ($25).
(2) The commissioner may charge a fee up to thirty-five dollars ($35) to keep in effect for the following year any notice or report required by rules adopted pursuant to subdivision (b) of Section 25210 or subdivision (b) of Section 25230.
(3) The commissioner may by order summarily enjoin an individual from performing any activity under subdivision (c) of Section 25230.1 if the annual fee required by paragraph (2) is not paid on or before the day upon which payment is due. An order under this paragraph may not be made before 10 days after notice by the commissioner that the fee is due and unpaid.
(Amended by Stats. 2013, Ch. 335, Sec. 10. (SB 538) Effective January 1, 2014.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25608.2.

25608.2. Commencing July 1, 2000, the fee provisions of subdivision (c) of Section 25608, as they apply to the fee for filing a notice pursuant to paragraph (4) of subdivision (f) of Section 25102, and the fee provisions of subdivisions (a), (b), and (c) of Section 25608.1, shall be the maximum fees that may be levied on a notice filing under subdivision (b) of Section 25100.1, subdivision (f) of Section 25102, and subdivisions (a), (c), and (d) of Section 25102.1. The commissioner, however, may set the notice filing fee under subdivision (c) of Section 25608, as it relates to a notice filing under subdivision (f) of Section 25102, and the notice filing fees under subdivisions (a), (b), and (c) of Section 25608.1, at amounts below the maximum fees set forth in those sections. The commissioner shall set the notice filing fees under those sections for the upcoming fiscal year on or about June 1 of each year. If the commissioner fails to set the notice filing fees for the upcoming fiscal year, then the filing fees shall be the maximum fees that may be levied under those sections for the upcoming fiscal year.
(Amended by Stats. 2001, Ch. 264, Sec. 7. Effective January 1, 2002.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25608.3.

25608.3. (a) Notwithstanding Sections 25608 and 25608.1, the commissioner may set any fee under those sections at an amount below the maximum fee set forth in those sections. The commissioner shall set the fee for the upcoming fiscal year on or about June 1 of each year, except that for the six-month period of January 1, 2002, through June 30, 2002, and for the 2002–03 fiscal year, the commissioner, on January 1, 2002, shall, in a reasonable and prudent manner, reduce any fee under Sections 25608 and 25608.1 by an amount below the maximum fee set forth in those sections. For the fiscal year commencing on July 1, 2003, and thereafter, the commissioner shall establish the level of fees adequate to cover anticipated costs, including the maintenance of a prudent reserve, but not to exceed the maximum fees that may be levied under Sections 25608 and 25608.1. If, for the fiscal year commencing on July 1, 2003, or thereafter, the commissioner fails to set the fee for the upcoming fiscal year on or before June 1, then the fee for the next fiscal year shall be the fee that was in effect for the current fiscal year.
(b) In carrying out this section, the commissioner shall reduce or suspend fees to achieve no more than a 25-percent fund balance in the State Corporations Fund by June 30, 2007, and thereafter.
(c) The department shall report by February 1, 2002, to the Chair of the Joint Legislative Budget Committee and the chairs of the budget committees on the fees to be reduced and the projected revenue and fund balance impact on the State Corporations Fund through the 2006–07 fiscal year. Each year from 2002 through 2007, the department shall submit a status update report by November 1 on the fees reduced, the revenue and fund balance impact in the prior fiscal year, and the projected revenue and fund balance impact through the 2006–07 fiscal year.
(Added by Stats. 2001, Ch. 118, Sec. 1. Effective July 30, 2001.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25610.

25610. The commissioner may from time to time make, amend and rescind such rules, forms, and orders as are necessary to carry out the provisions of this law, including rules and forms governing applications and reports, and defining any terms, whether or not used in this law, insofar as the definitions are not inconsistent with the provisions of this law. For the purpose of rules and forms, the commissioner may classify securities, persons, and matters within his jurisdiction, and may prescribe different requirements for different classes. The commissioner may in his discretion waive any requirement of any rule or form in situations where in his opinion such requirement is not necessary in the public interest or for the protection of investors.
(Added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25611.

25611. The commissioner may prepare and make available to interested persons lists of persons whose securities are qualified for trading purposes in this state, are exempt from qualification, or are not subject to qualification as the commissioner may determine to be necessary or desirable, and the commissioner may make reasonable charges for those lists to defray the expenses of preparation and dissemination.
(Amended by Stats. 1998, Ch. 48, Sec. 8. Effective January 1, 1999.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25612.

25612. No rule, form or order may be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of this law.
(Amended by Stats. 1995, Ch. 596, Sec. 1. Effective January 1, 1996.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25612.3.

25612.3. Unless otherwise provided by rule, the commissioner shall require the use of the following forms:
(a) Form BD (Uniform Application for Broker-Dealer Registration) for a broker-dealer application.
(b) Form ADV (Uniform Application for Investment Adviser Registration) for an investment adviser application.
(c) Form BDW (Uniform Request for Broker-Dealer Withdrawal) for withdrawing from licensure as a broker-dealer.
(d) Form ADV-W (Notice of Withdrawal from Registration as an Investment Adviser) for withdrawing from licensure as an investment adviser.
(e) Form U4 (Uniform Application for Securities Industry Registration or Transfer) for the reporting of an agent of a broker-dealer or an investment adviser representative or associated person of an investment adviser.
(f) Form U5 (Uniform Termination Notice for Securities Industry Registration) for the reporting of the termination of an agent of a broker-dealer or an investment adviser representative or associated person of an investment adviser.
(Amended by Stats. 2019, Ch. 143, Sec. 51. (SB 251) Effective January 1, 2020.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25612.5.

25612.5. (a) To encourage uniform interpretation and administration of this law and the Franchise Investment Law (Division 5 (commencing with Section 31000)) and effective securities and franchise regulation and enforcement, the commissioner may cooperate with the securities agencies or administrators of one or more states, Canadian provinces or territories, or other countries, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Securities Investor Protection Corporation, any self-regulatory organization, any national or international organization or securities officials or agencies, and any governmental law enforcement or regulatory agency.
(b) The cooperation authorized by subdivision (a) includes, but is not limited to, the following actions:
(1) Prescribing rules and forms with a view to achieving maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable.
(2) Participating in a nationwide central depository for qualification or registration of securities under this law and for documents or records required or allowed to be maintained under this law.
(3) Participating in the Central Registration Depository, or any successor or alternative nationwide or regional depository, for the registering, certifying, or licensing of broker-dealers or agents, or both.
(4) Participating in the Investment Adviser Registration Depository, or any successor or alternative nationwide or regional depository, for the registering, certifying, or licensing of investment advisers or investment adviser representatives, or both.
(5) Cooperating in any regulatory activity necessary in the administration of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56; USA Patriot Act), consistent with state law.
(c) Notwithstanding any other provision of law, any application for qualification, amendment to the application or related securities qualification or registration document or notice under Sections 25100.1, 25101.1, 25102, 25102.1, 25110, 25120, 25130, and 25230.1 or record otherwise required to be signed that is filed in this state as an electronic record pursuant to a nationwide central depository for qualification or registration of securities, or any electronic record filed through the Central Registration Depository or the Investment Adviser Registration Depository, shall be deemed to be a valid original document upon reproduction to paper form by the Department of Financial Protection and Innovation.
(d) For purposes of this section, “electronic record” has the same meaning as in subdivision (g) of Section 1633.2 of the Civil Code.
(Amended by Stats. 2022, Ch. 452, Sec. 82. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25613.

25613. The commissioner may by rule or order prescribe (1) the form and content of financial statements required under this law, (2) the circumstances under which consolidated financial statements shall be filed, and (3) the circumstances under which financial statements shall be audited by independent certified public accountants or public accountants.
(Added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25614.

25614. All rules of the commissioner (other than those relating solely to the internal administration of the Department of Financial Protection and Innovation) shall be made, amended, or rescinded in accordance with the provisions of the Administrative Procedure Act, Chapter 4 (commencing with Section 11370) of Part 1 of Division 3 of Title 2 of the Government Code. Rules may be adopted prior to the effective date of this law to become effective upon its effective date.
(Amended by Stats. 2022, Ch. 452, Sec. 83. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25615.

25615. A document is filed when it is received by the commissioner; but no qualification of the sale of securities shall become effective until the appropriate fee has been paid.
(Added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25616.

25616. The commissioner shall keep an index of all qualifications which are or have ever been effective, all denial, suspension, or revocation orders which have been entered and all permits and certificates which have been issued by him under this law.
(Added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25617.

25617. Upon request and at such reasonable charges as he prescribes by rule, the commissioner shall furnish to any person photostatic or other copies (certified under his seal of office if requested) of any document which is retained as a matter of public record, except that he shall not charge or collect any fee for photostatic or other copies of any document furnished to public officers for use in their official capacity. In any judicial proceeding or prosecution, any copy so certified is prima facie evidence of the contents of the document certified.
(Added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25619.

25619. (a) The commissioner may destroy any applications, notices, orders, permits, and revoked or surrendered certificates, together with the files and folders, as useless or obsolete, four years after the date of filing or issuance, with the approval of the Department of General Services; provided, that a permanent record shall be maintained of any disciplinary action taken by the commissioner.
(b) When acting as escrow holder for securities, the commissioner may destroy any certificates evidencing securities of any corporation which has been dissolved or whose charter has been suspended for a period of not less than two years for nonpayment of taxes or penalties and may destroy any other records pertaining to the escrow of the securities destroyed, and he or she shall have no further liability or accountability therefor; provided, that the commissioner shall maintain a permanent record containing such information as he or she may by rule prescribe relating to the certificates and records so destroyed.
(c) Copies on microfilm or in other form which may be retained by the commissioner in his discretion of any records destroyed under this section shall be accepted for all purposes as equivalent to the original when certified by the commissioner.
(Amended by Stats. 1997, Ch. 391, Sec. 35. Effective January 1, 1998.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 7 - ADMINISTRATION › Section 25620.

25620. (a) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic signatures. This section does not require the commissioner to accept electronic records or electronic signatures.
(b) For purposes of this section, the following terms have the following meanings:
(1) “Electronic record” means a record created, generated, sent, communicated, received, or stored by electronic means. “Electronic record” also includes, but is not limited to, all of the following:
(A) An application, amendment, supplement, and exhibit, filed for any qualification, registration, order, permit, certificate, license, consent, or other authority.
(B) A financial statement, report, or advertising.
(C) An order, permit, certificate, license, consent, or other authority.
(D) A notice of public hearing, accusation, and statement of issues in connection with any application, qualification, registration, order, permit, certificate, license, consent, or other authority.
(E) A proposed decision of a hearing officer and a decision of the commissioner.
(F) The transcripts of a hearing.
(G) A release, newsletter, interpretive opinion, determination, or specific ruling.
(H) Correspondence between a party and the commissioner directly relating to any document listed in subparagraphs (A) to (G), inclusive.
(2) “Electronic signature” means an electronic sound, symbol, or process attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the electronic record.
(c) The Legislature finds and declares that the Department of Financial Protection and Innovation has continuously implemented methods to accept records filed electronically, including broker-dealer and investment adviser applications, and is encouraged to continue to expand its use of electronic filings to the extent feasible, as budget, resources, and equipment are made available to accomplish that goal.
(Amended by Stats. 2022, Ch. 452, Sec. 84. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25700.

25700. No provision of this law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written interpretive opinion of the commissioner, or any such opinion of the Attorney General, notwithstanding that the rule, form, permit, order, or written interpretive opinion may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
(Repealed and added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25701.

25701. Any condition, stipulation or provision purporting to bind any person acquiring any security to waive compliance with any provision of this law or any rule or order hereunder is void.
(Repealed and added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25702.

25702. Whenever a person is entitled under this law to a hearing in accordance with the provisions of the Administrative Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, a formal hearing before the Department of Financial Protection and Innovation may be substituted with the consent of such person and of the commissioner for such hearing before an independent hearing officer; and in that case after such hearing before the Department of Financial Protection and Innovation such person shall not be entitled to any further administrative remedy.
(Amended by Stats. 2022, Ch. 452, Sec. 85. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25703.

25703. If any provision of this law or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this law which can be given effect without the invalid provision or application, and to this end the provisions of this law are declared to be severable.
(Repealed and added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25704.

25704. (a) Except as expressly provided in this section, prior law exclusively governs all suits, actions, prosecutions or proceedings which are pending or may be initiated on the basis of facts or circumstances occurring before the effective date of this law.
(b) No civil suit or action may be maintained to enforce any liability or to establish that any securities are void under prior law unless brought within any period of limitation which applied when the cause of action accrued and, in any event, within three years after the effective date of this law.
(c) All effective permits, certificates, orders, consents, and registrations under prior law, all administrative orders relating to the same and all conditions imposed upon the same remain in effect so long as they would have remained in effect if this law had not been enacted. They are considered to have been filed, entered, or imposed under this law, but are governed by prior law. Certificates dated as of January 1, 1969, may be issued by the commissioner after the effective date of this law pursuant to applications filed prior thereto and shall be considered to have been issued under the prior law. Applications for permits filed prior to January 1, 1969, may subsequently be processed without amendment if they comply with prior law, but thereafter shall be otherwise governed by this law.
(d) Judicial review of all administrative orders as to which review proceedings have not been instituted by the effective date of this law are governed by Section 25609, except that no review proceeding may be instituted unless the petition is filed within any period of limitation which applied to a review proceeding when the order was entered.
(Repealed and added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25705.

25705. All references to “the Corporate Securities Law” in any code or statute of the State of California shall hereafter be deemed to be references to the Corporate Securities Law of 1968.
(Repealed and added by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25706.

25706. (a) All effective permits, orders, and consents under the Real Estate Syndicate Act, all administrative orders relating to the Real Estate Syndicate Act, and all conditions imposed upon the Real Estate Syndicate Act remain in effect so long as they would have remained in effect if such act had not been repealed, but shall be considered to have been filed, entered, or imposed under this law. An application to amend, extend, modify, revoke, or set aside any such permits, orders, or consents shall be filed under and be subject to the provisions of this division.
(b) Any application pending under the Real Estate Syndicate Act, upon the effective date of this section, shall be processed by the Real Estate Commissioner pursuant to the provisions of the Real Estate Syndicate Act in effect on December 31, 1977, until such application is granted or denied by such commissioner.
(c) Except as expressly provided by this section, the Real Estate Syndicate Act continues to govern all suits, actions, prosecutions, or proceedings which are pending prior to, or which may be initiated thereunder on the basis of facts or circumstances occurring prior to, the effective date of this section.
(d) No civil suit or action may be maintained to enforce any liability under the Real Estate Syndicate Act, unless brought within any period of limitation which applied the time the cause of action accrued.
(e) Judicial review of all administrative orders under the Real Estate Syndicate Act as to which review proceedings have not been commenced prior to the effective date of this section shall be governed by Section 25609, except that no review proceeding may be commenced unless the petition is filed within the applicable period of limitation which applied to a review proceeding when the order was issued and except that judicial review of administrative orders of the Real Estate Commissioner made pursuant to subdivision (b) shall be governed by the provisions of law applicable to such proceedings on December 31, 1977.
(Added by Stats. 1977, Ch. 991.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 1 - CORPORATE SECURITIES LAW OF 968 › PART 8 - GENERAL PROVISIONS › Section 25707.

25707. (a) All permits and orders issued under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, and all conditions imposed pursuant to those provisions, shall remain in effect for the period of time that they would have remained in effect if those provisions had not been repealed by the act enacting this section. Following the repeal of those provisions, the permits, orders, and conditions shall be deemed to have been issued or imposed under this division. An application to amend, extend, modify, revoke, or set aside a permit or order shall be filed under this division and is subject to this division.
(b) An application pending under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, on the effective date of this section, shall be processed by the Real Estate Commissioner subject to those provisions as they were in effect on December 31, 1996, until each application that was pending on the effective date of this section is granted or denied by the Real Estate Commissioner.
(c) Except as expressly provided by this section, all actions, prosecutions, or proceedings under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code that are pending prior to the effective date of this section, or that otherwise could be initiated based on facts or circumstances occurring prior to the effective date of this section, shall be governed by those provisions.
(d) No civil action may be brought to enforce any liability under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, unless it is brought within the period of limitations that applied to the action at the time the action accrued.
(e) Judicial review of orders under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code that had not commenced prior to the effective date of this section shall be governed by Section 25609, except that no review proceeding shall be commenced unless the petition is filed within the applicable period of limitations that applied to a review proceeding when the order was issued. Judicial review of an order of the Real Estate Commissioner made pursuant to subdivision (b) shall be governed by the provisions of law applicable to those proceedings on December 31, 1996.
(Added by Stats. 1996, Ch. 592, Sec. 16. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 1 - Definitions and General Provisions › Section 27000.

27000. Unless the provision or the context otherwise indicates, and except as expressly otherwise provided in this chapter, words used in this division have the meanings prescribed in Part 1 (commencing with Section 25000) of the Corporate Securities Law.
(Amended by Stats. 1968, Ch. 88.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 1 - Definitions and General Provisions › Section 27001.

27001. As used in this division “security” includes all of the things enumerated in Section 25019 and also includes shares, stock, and investment certificates as defined in the Savings Association Law.
(Amended by Stats. 1996, Ch. 458, Sec. 1. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 1 - Definitions and General Provisions › Section 27002.

27002. (a) As used in this division, “individual” includes every natural person, domestic or foreign private corporation, nonprofit corporation, unincorporated association, company, partnership of whatever kind, syndicate, joint stock company, trustee, protective committee, depositors’ league, and other similar organization however described.
(b) As used in this division, “individual” does not include any of the following persons:
(1) Any licensed practicing attorney rendering or performing services in connection with the practice of law.
(2) Any person holding a broker-dealer’s or investment adviser’s certificate then in effect issued by the commissioner, rendering or performing services as such.
(3) Any holder of a permit then in effect, granted by the commissioner under the Corporate Securities Law, permitting the issue of certificates of deposit.
(4) Any securities depository as defined in Section 30004 of the Financial Code, which is licensed under Section 30200 of the Financial Code or exempted from licensing thereunder by Section 30005 or 30006 of the Financial Code.
(5) Any broker licensed by the Real Estate Commissioner of this state rendering or performing services with respect to securities, if the person would not be subject to the broker-dealer certification requirements for effecting transactions in the securities.
(6) Any security owner or holder who, without compensation of any kind, induces or attempts to induce, other security holders or owners of the same issuer into entering into agreements with persons who are excluded from “individual” by virtue of paragraphs (1) to (5), inclusive.
(Amended by Stats. 1996, Ch. 458, Sec. 2. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 1 - Definitions and General Provisions › Section 27003.

27003. If any provision of this division, or the application thereof to any person or circumstance, is held invalid, the remainder of this division, or the application of such provision to other persons or circumstances, shall not be affected thereby.
(Added by renumbering Section 27007 by Stats. 1996, Ch. 458, Sec. 7. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 2 - Unlawful and Fraudulent Conduct › Section 27100.

27100. Any individual who, within this state, solicits, receives, collects, or solicits any subscription or contract to pay, any contributions, fees, funds, or compensation of any kind, from any owner or holder of any security, for the purpose of protecting, enforcing, or representing the rights of the security owners or holders evidenced by the security, shall be subject to the provisions of this division.
(Repealed and added by Stats. 1996, Ch. 458, Sec. 9. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 2 - Unlawful and Fraudulent Conduct › Section 27101.

27101. It is unlawful for any individual, directly or indirectly, in connection with the solicitation, receipt, or collection of, or solicitation of any subscription or contract to pay any contributions, fees, funds, or compensation of any kind, from any owner or holder of any security, for the purpose of protecting, enforcing, or representing the rights of the security owners or holders evidenced by the security, to do any of the following:
(a) Employ any device, scheme, or artifice to defraud.
(b) By means of any written or oral communication, make any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.
(c) Engage in any transaction, act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
(d) Misappropriate or convert the funds, security, or property of any other person.
(Repealed and added by Stats. 1996, Ch. 458, Sec. 9. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 3 - Civil Liability and Crimes › Section 27200.

27200. Every individual who solicits, receives, collects, or contracts for the payment of, any contributions, fees, funds, or compensation of any kind, in violation of this division, is civilly liable for the return of the full amount of that contribution, fee, or fund, together with reasonable attorney’s fees. This liability is both joint and several.
(Amended by Stats. 1996, Ch. 458, Sec. 11. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 3 - Civil Liability and Crimes › Section 27201.

27201. No action shall be maintained to enforce any liability created under Section 27200 unless brought before the expiration of two years after the violation upon which it is based or the expiration of one year after the discovery by the plaintiff of the facts constituting the violation, whichever shall first expire.
(Added by renumbering Section 27200.1 by Stats. 1996, Ch. 458, Sec. 12. Effective January 1, 1997.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 2 - SECURITY OWNERS PROTECTION › CHAPTER 3 - Civil Liability and Crimes › Section 27202.

27202. Every individual who willfully violates Section 27101 is guilty of a public offense punishable by a fine not exceeding two hundred fifty thousand dollars ($250,000), or by imprisonment pursuant to subdivision (h) of Section 1170 of the Penal Code for two, three, or four years, or by both fine and imprisonment.
(Amended by Stats. 2011, Ch. 15, Sec. 49. (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 › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title and Construction › Section 28000.

28000. This division shall be known and may be cited as the “Capital Access Company Law.”
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title and Construction › Section 28001.

28001. This division shall be liberally construed to accomplish its purposes.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title and Construction › Section 28002.

28002. The provisions of the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000) of Title 4) shall apply to licensees.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title and Construction › Section 28003.

28003. The Legislature finds all of the following:
(a) It is necessary to increase job opportunities in the state.
(b) Promoting the establishment, growth, and expansion of small business firms in this state is an efficient way to increase job opportunities in the state.
(c) Small business firms are unable to grow and create job opportunities unless they have access to risk capital.
(d) Congress has exempted from the provisions of the federal Investment Company Act of 1940, certain companies that are not in the business of issuing redeemable securities, the operations of which are subject to state regulation governing entities that provide financial or managerial assistance to enterprises doing business, or proposing to do business, in that state.
(e) Therefore, in order for the state to obtain the full benefits of that exemption, it is necessary that the state provide for the licensure and regulation of capital access companies, to permit these companies to operate pursuant to the exemption from regulation under the federal Investment Company Act of 1940.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title and Construction › Section 28004.

28004. (a) The purpose of this division is to provide for the licensure and regulation of capital access companies that will provide risk capital and management assistance, primarily to small business firms in the state, to enable those companies to operate pursuant to the exemption from regulation under the federal Investment Company Act of 1940.
(b) The purpose of this division as set forth in subdivision (a) constitutes the standard that the commissioner shall observe in administering the provisions of this division.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28030.

28030. Subject to additional definitions contained in this division which are applicable to specific provisions of this division, and unless the context otherwise requires, the definitions in this article apply throughout this division.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28031.

28031. “Accredited investor” means a person who is defined in Section 2(a)(15) of the Securities Act of 1933, or any other person that the Securities and Exchange Commission may so designate by rule, regulation, or order, who, by purchasing the securities of a licensee, provides the investment funds with which the licensee will provide financial assistance to small business firms.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28032.

28032. “Affiliate” means any person or persons controlling, controlled by, or under common control with, other specified persons.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28033.

28033. “Commissioner” means the Commissioner of Financial Protection and Innovation or their designee with respect to a particular matter.
(Amended by Stats. 2022, Ch. 452, Sec. 86. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28034.

28034. “Company” means a corporation, limited partnership, limited liability company, or other form of business entity, which is organized under the laws of the State of California.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28035.

28035. “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a specified person.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28036.

28036. “Controlling person,” when used with respect to a specified person, means any person who controls the specified person, directly or indirectly, through one or more intermediaries.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28037.

28037. “Insolvent,” when used with respect to any person, means a person who has ceased to pay his or her debts in the ordinary course of business, who cannot pay his or her debts as they become due, or whose liabilities exceed his or her assets.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28038.

28038. “License” means a license issued under this division authorizing a licensee to transact business as a capital access company.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28039.

28039. “Licensee” means a company that is licensed under this division.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28040.

28040. “Officer” means either of the following:
(a) When used with respect to a corporation, any person appointed or designated as an officer of the corporation by or pursuant to applicable law or the articles of incorporation or bylaws of the corporation or any person who performs with respect to the corporation functions usually performed by an officer of a corporation.
(b) When used with respect to a specified person other than a natural person or a corporation, any person who performs with respect to the specified person functions usually performed by an officer of a corporation with respect to the corporation.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28041.

28041. “Order” means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner. “Order” includes any condition of a license and any agreement made by any person with the commissioner under this division.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28042.

28042. “Parent,” when used with respect to a specified person other than a natural person, means any person other than a natural person that controls the specified person, directly or indirectly, through one or more intermediaries.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28043.

28043. “Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, agency of any government, or any other organization. However, “person,” when used with respect to acquiring control of or controlling a specified person, includes any combination of two or more persons acting in concert.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28044.

28044. “Principal security holder,” means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting power of the issuer of those securities.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28045.

28045. “To provide financing assistance to a person” means to purchase securities issued by the person, either directly from the person, or indirectly through a securities underwriter.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28046.

28046. “Security” has the meaning set forth in Section 25019.
(Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28047.

28047. “Small business firm” means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more than eighteen million dollars ($18,000,000) and average net income after federal income taxes, excluding any carryover losses, for the preceding two years no greater than six million dollars ($6,000,000).
(Amended by Stats. 2010, Ch. 516, Sec. 2. (SB 1155) Effective January 1, 2011.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 28047.1.

28047.1. “Smaller business firm” means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more than six million dollars ($6,000,000), and average net income after federal income taxes, excluding any carryover losses, for the preceding two years no greater than two million dollars ($2,000,000).
(Added by Stats. 2010, Ch. 516, Sec. 3. (SB 1155) Effective January 1, 2011.)