reglab/statecodes huggingface dataset:
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 11 - Enforcement › Section 28705.

28705. The commissioner may issue an order removing a subject person from that person’s office with the licensee, if any, and prohibiting that person from further participating in any manner in the conduct of the business of the licensee, if, after notice and a hearing, the commissioner finds all of the following:
(a) (1) That the subject person of a licensee has violated a provision of this division or of any regulation or order issued under this division or any provision of any other applicable law;
(2) That the subject person of a licensee has engaged or participated in any unsafe or unsound act with respect to the business of the licensee; or
(3) That the subject person of a licensee has engaged or participated in any act which constitutes a breach of his or her fiduciary duty as a subject person.
(b) (1) That the act, violation, or breach of fiduciary duty has caused or is likely to cause substantial financial loss or other damage to the licensee or the accredited investors of the licensee; or
(2) That the act, violation, or breach of fiduciary duty has seriously prejudiced or is likely to seriously prejudice the interests of the licensee or the accredited investors of the licensee; or
(3) That the subject person has received financial gain by reason of the act, violation, or breach of fiduciary duty.
(c) That the act, violation, or breach of fiduciary duty either involves dishonesty on the part of the subject person or demonstrates the subject person’s gross negligence with respect to the business of the licensee or a willful disregard for the safety and soundness of the licensee.
(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 11 - Enforcement › Section 28706.

28706. The commissioner may issue an order removing a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct of the business of the licensee, except with the prior consent of the commissioner, if the commissioner finds, after notice and a hearing, that the subject person of a licensee has, by engaging or participating in any act with respect to any financial or other business institution which resulted in substantial financial loss or other damage, demonstrated either of the following:
(a) Dishonesty.
(b) Willful or continuing disregard for the safety and soundness of the financial or other business institution.
(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 11 - Enforcement › Section 28707.

28707. (a) The commissioner may issue an order suspending a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct of the business of the licensee, except with the consent of the commissioner, if the commissioner finds both of the following:
(1) That the factors set forth in subdivisions (a), (b), and (c) of Section 28705 or the factors set forth in subdivision (a) of Section 28706 are true with respect to the subject person of a licensee.
(2) That it is necessary for the protection of the interests of the licensee or the accredited investors of the licensee, or for the protection of the public interest that the commissioner immediately suspend the subject person from his or her office, if any, with the licensee and prohibit him or her from further participating in any manner in the conduct of the business of the licensee.
(b) (1) Within 30 days after an order is issued pursuant to subdivision (a), any subject person of a licensee to whom the order is directed may file with the commissioner an application for a hearing on the order. The filing of an application for a hearing shall not stay the effectiveness of the order. If the commissioner fails to begin a hearing within 15 business days after the application is filed (or within any longer period to which the subject person consents), the order shall be deemed rescinded. Upon the completion of the hearing, the commissioner shall affirm, modify, or rescind the order.
(2) The right of any subject person of a licensee to whom an order is issued under subdivision (a) to petition for judicial review of the order shall not be affected by the failure of the subject person to apply to the commissioner for a hearing on the order pursuant to paragraph (1).
(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 11 - Enforcement › Section 28708.

28708. (a) The commissioner may issue an order suspending a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct of the business of the licensee, except with the consent of the commissioner, if the commissioner finds both of the following:
(1) That the subject person of a licensee has been indicted by a grand jury for, or held to answer by a magistrate for, a crime involving dishonesty or breach of trust.
(2) That the continuation of that person as a subject person of the licensee may threaten the interests of the licensee or the accredited investors of the licensee, or may threaten to impair public confidence in the licensee.
(b) The commissioner may issue an order suspending or removing the subject person or former subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct of the business of the licensee, except with the prior consent of the commissioner, if the commissioner finds both of the following:
(1) That the subject person or former subject person of a licensee to whom an order was issued pursuant to subdivision (a) or any other subject person of a licensee has been finally convicted of a crime which is punishable by imprisonment for a term exceeding one year and which involves dishonesty or breach of trust.
(2) That the continuation or resumption by that person as a subject person of the licensee may threaten the interests of the licensee or the accredited investors of the licensee, or may threaten to impair public confidence in the licensee.
(c) (1) Within 30 days after an order is issued pursuant to subdivision (a) or (b), any subject person of a licensee to whom the order is directed may file with the commissioner an application for a hearing on the order. If the commissioner fails to commence a hearing within 15 business days after the application is filed (or within any longer period to which the subject person consents), the order shall be deemed rescinded. Upon the completion of the hearing, the commissioner shall affirm, modify, or rescind the order.
(2) The right of any subject person or former subject person of a licensee to whom an order is issued under subdivision (a) or (b) to petition for judicial review of the order shall not be affected by the failure of the person to apply to the commissioner for a hearing on the order pursuant to paragraph (1).
(d) The fact that any subject person of a licensee charged with a crime involving dishonesty or breach of trust is not finally convicted of the crime shall not preclude the commissioner from issuing an order to the subject person pursuant to any other section 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 11 - Enforcement › Section 28709.

28709. Any person to whom an order is issued under Section 28705, 28706, 28707, or 28708 may apply to the commissioner to modify or rescind the order. The commissioner shall not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when he or she becomes a subject person of a licensee, comply with all applicable provisions of this division and of any regulation or order issued 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 11 - Enforcement › Section 28710.

28710. The commissioner may issue an order suspending or revoking the license of a licensee, if, after notice and a hearing, the commissioner finds any of the following:
(a) That the licensee or any controlling person or affiliate of the licensee has violated any provision of this division or of any regulation or order issued under this division or any provision of any other applicable law.
(b) That the licensee is conducting its business in an unsafe and unsound manner.
(c) That the licensee is in a condition that it is unsafe or unsound for it to transact business.
(d) That the licensee has ceased to transact business as a capital access company.
(e) That the licensee is insolvent.
(f) That the licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due.
(g) That the licensee is the subject of an order for relief in bankruptcy or has sought other similar relief under any other bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any of that relief under any of those laws against any licensee and the licensee has by any affirmative act approved of or consented to the action or the relief has been granted.
(h) That any fact or condition exists which, if it had existed at the time when any licensee applied for its license, would have been grounds for denying the application.
(Amended by Stats. 2009, Ch. 500, Sec. 31. (AB 1059) Effective January 1, 2010.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 11 - Enforcement › Section 28711.

28711. (a) If the commissioner finds that any of the factors set forth in Section 28710 is true with respect to any licensee and that it is necessary for the protection of the public interest that the commissioner immediately suspend or revoke the license of the licensee, the commissioner may issue an order suspending or revoking the license of the licensee.
(b) Within 30 days after an order is issued pursuant to subdivision (a), any licensee to whom the order is directed may file with the commissioner a request for a hearing on the order. If the commissioner fails to commence a hearing within 15 business days after the request is filed (or within any longer period to which the licensee consents), the order shall be deemed rescinded. Upon the completion of the hearing, the commissioner shall affirm, modify, or rescind the order.
(Amended by Stats. 2007, Ch. 101, Sec. 7. Effective January 1, 2008.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 11 - Enforcement › Section 28712.

28712. Any person whose license is suspended or revoked shall immediately deliver the license to the commissioner.
(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 11 - Enforcement › Section 28713.

28713. Any person to whom an order is issued under Section 28709 or 28710 may apply to the commissioner to modify or rescind the order.
The commissioner shall not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when it becomes a licensee, comply with all applicable provisions of this division and of any regulation or order issued 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 11 - Enforcement › Section 28714.

28714. (a) If the commissioner finds that any of the factors set forth in Section 28709 is true with respect to any licensee and that it is necessary for the protection of the interests of the licensee or the accredited investors of the licensee, or for the protection of the public interest that the commissioner take immediate possession of the property and business of the licensee, the commissioner may forthwith take possession of the property and business of the licensee and retain possession until the licensee resumes business or is finally liquidated. The licensee may, with the consent of the commissioner, resume business upon any conditions that the commissioner may prescribe.
(b) Whenever the commissioner takes possession of the property and business of a licensee pursuant to subdivision (a), the licensee may apply within 10 days to the superior court in the county in which the head office of the licensee is located to enjoin further proceedings. The court, after citing the commissioner to show cause why further proceedings should not be enjoined and after a hearing, may dismiss the application or enjoin the commissioner from further proceedings and order the commissioner to surrender the property and business of the licensee to the licensee or make any further order that may be just.
(c) An appeal may be taken from the judgment of the superior court by the commissioner or by the licensee in the manner provided by law for appeals from the judgment of a superior court. An appeal from the judgment of the superior court shall operate as a stay of the judgment. No bond need be given if the appeal is taken by the commissioner, but if the appeal is taken by the licensee, a bond shall be given as required by the Code of Civil Procedure.
(d) Whenever the commissioner takes possession of the property and business of a licensee pursuant to subdivision (a), the commissioner shall conserve or liquidate the property and business of the licensee.
(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 11 - Enforcement › Section 28715.

28715. Sections 11041, 11042, and 11043 of the Government Code do not apply to the Commissioner of Financial Protection and Innovation.
(Amended by Stats. 2022, Ch. 452, Sec. 88. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 11 - Enforcement › Section 28716.

28716. (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the administration or enforcement of this division.
(b) It is unlawful for any person to knowingly make an untrue statement to the commissioner during the course of licensing, investigation, or examination, with the intent to impede, obstruct, or influence the administration or enforcement of any provision of this division.
(Added by Stats. 2007, Ch. 101, Sec. 8. Effective January 1, 2008.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 28800.

28800. It shall be unlawful for any person willfully to make any untrue statement of a material fact in any application, report, or other document 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 application, report or other document filed with the commissioner under this division any material fact which is required to be stated therein.
(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 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 28801.

28801. 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 those books, accounts, or other records.
(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 12 - Crimes and Criminal Penalties › ARTICLE 1 - General Provisions › Section 28802.

28802. 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 the licensee, to omit to make any entry in those books, accounts or other records which the person is required to make, or to alter, conceal, or destroy any of those books, accounts, or other records.
(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 12 - Crimes and Criminal Penalties › ARTICLE 2 - Conflicts of Interest › Section 28820.

28820. In this article, unless the context otherwise requires:
(a) (1) “Associate,” when used with respect to a licensee, means all of the following:
(A) Any principal shareholder, director, officer, manager, agent, or adviser of the licensee.
(B) Any director, officer, partner, general manager, agent, employer, or employee of any person referred to in subparagraph (A).
(C) Any person who controls, is controlled by, or is under common control with, any person referred to in subparagraph (A), directly or indirectly, through one or more intermediaries.
(D) Any close relative of any person referred to in subparagraph (A).
(E) Any person of whom any person referred to in subparagraphs (A) to (D), inclusive, is a director or officer.
(F) Any person in whom any person referred to in subparagraphs (A) to (D), inclusive, or any combination of persons acting in concert owns or controls, directly or indirectly, a 10-percent or greater equity interest.
(2) For purposes of this subdivision, any person who is in any of the relationships referred to in subparagraphs (A) to (F), inclusive, of paragraph (1) within six months before or after a licensee provides financing assistance shall be deemed to be in the relationship as of the date when the licensee provides the financing assistance.
(3) For purposes of this subdivision, if 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 small business firm to which the licensee provides financing assistance, the person shall not, on that account, be deemed to have any relationship with the small business firm. However, this paragraph shall not apply in any case where the person has, directly or indirectly, any other financial interest in the small 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 small business firm for a period of 30 days or more.
(b) “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.
(Repealed and added by Stats. 2010, Ch. 516, Sec. 14. (SB 1155) Effective January 1, 2011.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 12 - Crimes and Criminal Penalties › ARTICLE 3 - Criminal Penalties › Section 28880.

28880. Any person who willfully violates any provision under this chapter shall upon conviction be fined not more than two hundred fifty thousand dollars ($250,000) 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. 50. (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 12 - Crimes and Criminal Penalties › ARTICLE 3 - Criminal Penalties › Section 28881.

28881. 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. 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 13 - Civil Penalties › Section 28900.

28900. 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 the person to pay to the commissioner a civil penalty in that amount as the commissioner may specify. However, the amount of the civil penalty shall not exceed two thousand five hundred dollars ($2,500) for each violation, or in the case of a continuing violation, two thousand five hundred dollars ($2,500) for each day for which the violation continues.
(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 13 - Civil Penalties › Section 28901.

28901. The provisions of Section 28900 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. However, no person who has been finally convicted under Chapter 12 (commencing with Section 28800) of this division on account of a violation of any provision of Chapter 12 (commencing with Section 28800) shall be liable to pay a civil penalty under Section 28900 on account of the violation.
(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 14 - Miscellaneous Provisions › Section 28950.

28950. No provision of this division 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 written interpretive 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.
(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 14 - Miscellaneous Provisions › Section 28951.

28951. (a) The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out this law, and define any terms, whether or not used in this law, insofar as the definitions are not inconsistent with this law. For the purpose of rules, the commissioner may, among other things, classify persons within the commissioner’s jurisdiction and may prescribe different requirements for different classes. The commissioner may, in the commissioner’s discretion, waive any requirement of any rule or form in situations where in his or her opinion the requirement is not necessary in the public interest.
(b) The commissioner may, by regulation or order, either unconditionally or upon specified terms and conditions or for specified periods, exempt from the provisions of this division any person or transaction or class of persons or transactions, if the commissioner finds that action to be in the public interest and that the regulation of those persons or transactions is not necessary for the purposes 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 14 - Miscellaneous Provisions › Section 28952.

28952. The commissioner may honor requests from interested persons for interpretive opinions.
(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 14 - Miscellaneous Provisions › Section 28953.

28953. In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
(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 14 - Miscellaneous Provisions › Section 28954.

28954. Every final order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with 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 14 - Miscellaneous Provisions › Section 28955.

28955. Nothing in this law, shall impair, derogate, or otherwise affect the authority or powers of the commissioner under the Corporate Securities Law of 1968 (Part 3 (commencing with Section 25000)) or the application of any provision thereof to any person or transaction subject thereto.
(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 14 - Miscellaneous Provisions › Section 28956.

28956. If any provision of this division , or the application thereof to any person or circumstance, is held invalid, the invalidity shall not affect other provisions or applications of this law that can be given effect without the invalid provision or application, and to this end the provisions of this division are declared to be severable.
(Amended by Stats. 1999, Ch. 83, Sec. 27. Effective January 1, 2000.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 3 - CAPITAL ACCESS COMPANIES › CHAPTER 14 - Miscellaneous Provisions › Section 28957.

28957. Neither the commissioner nor any employee of the commissioner shall use any information which is filed with or obtained by the commissioner which is not public information for personal gain or benefit, nor shall the commissioner nor any employee of the commissioner engage in any securities transaction based on that information, even though public, if there has not been a sufficient period of time for the securities or commodity markets to assimilate that information.
(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 14 - Miscellaneous Provisions › Section 28958.

28958. (a) The program established by this division shall be supported from funds appropriated by the Legislature from the State Corporations Fund.
(b) The funds appropriated from the State Corporations Fund and made available for expenditure under subdivision (a) of this section shall come from fees collected under Section 28110, penalties collected under Sections 28880 and 28900, and securities application filing fees collected under subdivisions (e), (f), (h), and (i) of Section 25608 and notice filing fees collected under subdivision (a) of Section 25608.1.
(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 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29001.

29001. “Person” means an individual, partnership, corporation, limited liability company, or association, either domestic or foreign, whether acting in his or her own right or as the officer, agent, servant, employee, correspondent, or representative of another or as trustee.
(Amended by Stats. 1994, Ch. 1010, Sec. 93. Effective January 1, 1995.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29002.

29002. (a) “Trustee” means a person executing a trust, as defined in this section.
(b) “Trust” means any voluntary trust expressly created by or declared in an instrument in writing, other than a will or a judicial writ, order, decree, or judgment, to carry on any business or to secure the payment or repayment of money.
(Amended by Stats. 1986, Ch. 820, Sec. 23. Operative July 1, 1987, by Sec. 43 of Ch. 820.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29004.

29004. “Securities” means all shares in any corporation or association or of trustees, bonds, coupons, scrip, rights, choses in action, and other evidences of debt or property and options for the purchase or sale thereof or of any right entitling the holder thereof to participate in profits or a division of assets.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29006.

29006. “Bucket shop” means any room, office, store, building, or other place where any bucketing or bucket shopping contract is made or offered to be made.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29007.

29007. “Keeper” means any person owning, keeping, managing, operating, or promoting a bucket shop, or assisting to keep, manage, operate, or promote a bucket shop.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 1 - Definitions › Section 29008.

29008. “Bucketing” or “bucket shopping” means any of the following:
(a) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties intend, or the keeper intends, that the contract shall be, or may be, terminated, closed, or settled according to or upon the basis of the public market quotations of prices made on any board of trade or exchange upon which the securities or commodities are dealt in, without a bona fide purchase or sale of the securities or commodities.
(b) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties intend, or the keeper intends, that the contract shall be, or may be, deemed terminated, closed, or settled when the public market quotations of prices for the securities or commodities named in the contract reach a certain figure without a bona fide purchase or sale of the securities or commodities.
(c) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties do not intend, or such keeper does not intend, the actual or bona fide receipt or delivery of the securities or commodities, but do intend, or the keeper does intend, a settlement of the contract based upon the differences in the public market quotations of prices at which the securities or commodities are or are asserted to be bought and sold.
(d) The sale by a keeper of any security or commodity purchased by him for the account of or upon the order of another when the proceeds of the sale are not immediately credited by the keeper to the account of the other person and when a report or statement in writing of the sale is not rendered to the other person by the keeper on the next business day following the sale.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29100.

29100. Any person who makes or offers to make any contract constituting bucketing under Section 29008, or who makes any sale constituting bucketing under Section 29008, or who is the keeper of any bucket shop, is guilty of a felony.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29101.

29101. Any person who communicates, receives, exhibits, or displays in any manner any statement of quotations of prices of any securities or commodities, with an intent to make, or to offer to make, or to aid in making or offering to make, any contract constituting bucketing under Section 29008 is guilty of a felony.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29102.

29102. The felonies specified in this chapter are punishable, for each offense, if the offender is a corporation, by a fine of not less than one thousand dollars ($1,000) nor more than ten thousand dollars ($10,000) or, if the offender is not a corporation, by imprisonment pursuant to subdivision (h) of Section 1170 of the Penal Code, or by a fine of not less than one thousand dollars ($1,000) nor more than ten thousand dollars ($10,000), or by both that imprisonment and fine.
(Amended by Stats. 2011, Ch. 15, Sec. 51. (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 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29103.

29103. The prosecution, conviction, and punishment of a corporation under any provision of this chapter shall not be deemed to be a prosecution, conviction, or punishment of any of its officers, directors, or shareholders.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29104.

29104. All contracts for the purchase or sale of shares of the capital stock of any corporation or association without any intention on the part of one party to deliver and of the other party to receive the shares, and contemplating merely the payment of differences between the contract and market prices on divers days, shall be void, and neither party to any such contract shall be entitled to recover any damages for failure to perform the same, or any money paid thereon, in any court of this state.
(Added by Stats. 1966, 1st Ex. Sess., Ch. 161.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 2 - Prohibited Activities › Section 29105.

29105. (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the administration or enforcement of this division.
(b) It is unlawful for any person to knowingly make an untrue statement to the commissioner during the course of licensing, investigation, or examination, with the intent to impede, obstruct, or influence the administration or enforcement of any provision of this division.
(Added by Stats. 2007, Ch. 101, Sec. 9. Effective January 1, 2008.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 3 - Required Records and Statements › Section 29200.

29200. Every person doing business as a broker or making contracts as a broker or agent for the purchase or sale of any securities or commodities on any board of trade or exchange shall keep or cause to be kept at their office or place of business correct and permanent records or books of account showing each of such transactions as a separate item. The failure so to keep or cause to be kept such records or books of account is prima facie evidence that any such contract was bucketing or bucketshopping.
Such records or books of account shall at all times be open to inspection by the Commissioner of Financial Protection and Innovation or by any deputy, investigator, or auditor of the Department of Financial Protection and Innovation to whom the commissioner may delegate such authority in writing.
(Amended by Stats. 2022, Ch. 452, Sec. 89. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4 - BUCKET SHOP LAW › CHAPTER 3 - Required Records and Statements › Section 29201.

29201. Every person shall, upon written demand therefor, furnish to any customer or principal for whom he has executed any order for the actual purchase or sale of any securities or commodities on any board of trade or exchange, either for immediate or future delivery, a written statement showing the name of the person from whom the property was bought or to whom it was sold, as the case may be, and the time when, place where, and the price at which it was either bought or sold. If any such person refuses or neglects to furnish such a statement within forty-eight hours after such demand, the refusal or neglect is prima facie evidence that the transaction was bucketing or bucket shopping within the terms of this division.
(Added by Stats. 1949, Ch. 386.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29500.

29500. This division shall be known and may be cited as the “California Commodity Law of 1990.” References herein to “this law” refer to the applicable provisions of this division unless the context otherwise requires. The definitions in this chapter govern the construction of this law.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29501.

29501. “Board of trade” means any person or group of persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether the person or group of persons is characterized as a board of trade, exchange, or other form of marketplace.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29502.

29502. “Business days” are all days other than every Saturday, every Sunday and such other days as are specified or provided for as holidays in the Government Code.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29503.

29503. “Commissioner” means the Commissioner of Financial Protection and Innovation.
(Amended by Stats. 2022, Ch. 452, Sec. 90. (SB 1498) Effective January 1, 2023.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29504.

29504. “Commodity” means, except as otherwise specified by the commissioner by rule or order, any agricultural, grain, or livestock product or byproduct, any metal or mineral (including a precious metal set forth in Section 29515), any gem or gemstone (whether characterized as precious, semiprecious, or otherwise), any fuel (whether liquid, gaseous, or otherwise), any foreign currency, and all other goods, articles, products, or items of any kind. However, the term “commodity” shall not include (a) a numismatic coin whose fair market value is at least 15 percent higher than the value of the metal it contains, or (b) any work of art offered or sold by art dealers, at public auction, or through a private sale by the owner of the work of art.
(Amended by Stats. 1991, Ch. 262, Sec. 1.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29505.

29505. (a) “Commodity contract” means any account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. A “commodity contract” includes a commodity option as defined in Section 29510, unless otherwise specified. Any “commodity contract” offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes.
(b) A “commodity contract” shall not include any contract or agreement which requires, and under which the purchaser personally receives, or at the request of the purchaser a family member or an individual (which individual is other than the seller or any affiliate of the seller, including any officer, director, or employee of the seller or any affiliate of the seller) with whom the purchaser has a preexisting close personal or preexisting business relationship personally receives, within 28 calendar days from the full payment in good funds of the purchase price, actual physical delivery of the quantity of each commodity purchased under the contract or agreement. In the case of a seller who requires a partial payment of the total purchase price before obligating itself to actually physically deliver the quantity of each commodity purchased under the contract or agreement described in this subdivision, both the amount remaining on the total purchase price shall be paid in good funds and actual physical delivery of the quantity of each commodity purchased under the contract or agreement shall be personally received (by the purchaser or above-described individual) within 28 calendar days from the date of the partial payment in good funds. Otherwise, for the purposes of this exclusion from the definition of a “commodity contract,” a partial payment of, or an installment payment on, the purchase price is not a full payment in good funds of the purchase price.
(Amended by Stats. 1991, Ch. 262, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29508.

29508. “CFTC Rule” means any rule, regulation, or order of the Commodity Futures Trading Commission in effect on January 1, 1991, and all subsequent amendments, additions, or other revisions thereto, unless the commissioner, within 10 days following the effective date of any amendment, addition, or revision, disallows the application thereof to this law or to any provision thereof by rule or order.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29509.

29509. “Commodity merchant” means any of the following, as defined or described in the Commodity Exchange Act or by CFTC Rule:
(a) Futures commission merchant.
(b) Commodity pool operator.
(c) Commodity trading advisor.
(d) Introducing broker.
(e) Leverage transaction merchant.
(f) An associated person of any person specified in subdivisions (a) to (d), inclusive.
(g) Floor broker.
(h) Any other person (other than a futures association) required to register with the Commodity Futures Trading Commission.
(Amended by Stats. 1991, Ch. 262, Sec. 3.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29510.

29510. “Commodity option” means any account, agreement, or contract giving a party thereto the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, or both, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise, but shall not include an option traded on a national securities exchange registered with the United States Securities and Exchange Commission.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29511.

29511. “Financial institution” means (a) a national bank or a bank or trust company incorporated under the laws of this state, (b) a federal savings and loan association or federal savings bank, or (c) a federally insured bank chartered by a state of the United States when the commodity depository activities of the bank are supervised by the bank regulator of that state.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29514.

29514. “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, an unincorporated organization, a government, or a political subdivision of a government.
(Amended by Stats. 1994, Ch. 1010, Sec. 94. Effective January 1, 1995.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29515.

29515. “Precious metal” means the following in either coin, bullion, or other form:
(a) Silver.
(b) Gold.
(c) Platinum.
(d) Palladium.
(e) Copper.
(f) Other items that the commissioner may specify by rule or order.
(Added by Stats. 1990, Ch. 969, Sec. 2.)
2023 California Code › Corporations Code - CORP › TITLE 4 - SECURITIES › DIVISION 4.5 - COMMODITIES › CHAPTER 1 - Definitions › Section 29515.5.

29515.5. “Purchase price” means all funds paid by or on behalf of a purchaser to a seller of a commodity contract or a commodity option (or to another person at the request or direction of a seller), including, but not limited to, the sale price of a commodity, an administrative charge or fee, assessment, deposit, dues, handling charge or fee, holding charge or fee, membership charge or fee, reservation charge or fee, or any charge, fee, or other payment made or paid in connection with the sale of a commodity contract or a commodity option.
(Added by Stats. 1991, Ch. 262, Sec. 4.)