Robert M. Hertzberg
- Democratic
Author
Existing law, the Small Business Financial Assistance Act of 2013, establishes the California Small Business Expansion Fund, a continuously appropriated fund that includes General Fund moneys. The act requires guarantees made by small business financial development corporations to be backed by funds on deposit in the corporation's trust fund account or by receivables due from funds loaned from the corporation's trust fund account to another fund in state government, as specified, and requires these loan guarantees to be secured by a reserve of at least 20%, until January 1, 2018, and 25% thereafter, as specified. This bill would reduce the required reserve to 10% indefinitely and would make conforming changes with respect to related statements of legislative intent. Existing law prohibits the amount of guarantee liability outstanding at any one time from exceeding 5 times the amount of funds on deposit in the expansion fund plus any receivables due from funds loaned from the expansion fund to another fund in state government, as specified, until January 1, 2018, and 4 times thereafter. This bill would increase that maximum amount to 10 times the amount of funds on deposit in the expansion fund plus any receivables due from funds loaned from the expansion fund to another fund in state government, as specified, would apply that increased amount indefinitely, and would make conforming changes. Existing law requires the program manager under the guidance of the executive director of the California Infrastructure and Economic Development Bank, to, among other things, authorize the distribution, transfer, and withholding of moneys in the expansion fund and trust funds. This bill would also require the program manager to leverage moneys in the expansion fund and trust funds.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 713, Statutes of 2016.
Enrolled and presented to the Governor at 5 p.m.
Assembly amendments concurred in. (Ayes 36. Noes 0. Page 5140.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
Read third time. Passed. (Ayes 78. Noes 0. Page 5778.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 20. Noes 0.) (August 3).
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 21).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on J., E.D., & E.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 3630.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
Set for hearing April 18.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 9. Noes 0. Page 3491.) (April 11). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B., P. & E.D.
Set for hearing April 11.
From printer. May be acted upon on or after March 4.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB936 | HTML |
| 02/02/16 - Introduced | |
| 04/04/16 - Amended Senate | |
| 06/02/16 - Amended Assembly | |
| 06/29/16 - Amended Assembly | |
| 08/19/16 - Enrolled | |
| 09/27/16 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.