Phillip Chen
- Republican
- Assemblymember
- District 59
Author
Existing law, the Corporate Securities Law of 1968, provides for the regulation of the issuance of corporate securities, requires the qualification of an offer or sale of securities, and provides for exemptions from qualification with the Commissioner of Financial Protection and Innovation. Existing law exempts certain securities and transactions from provisions requiring qualification of the security and provides that certain securities and transactions are not subject to qualification. This exemption includes shares or memberships issued by a corporation organized pursuant to the Cooperative Corporation Law, if the aggregate investment of a shareholder or member in shares or memberships sold does not exceed $1,000. Existing law also specifies the circumstances in which this exemption does not apply, including, to shares or memberships if a promoter thereof expects or intends to make a profit from a business or activity associated with the corporation. This bill would expand the above exemption to also apply to any credits to a member's capital issued to a shareholder or member by any corporation organized pursuant to that law, if the aggregate investment in the corporation of that shareholder or member in shares, memberships, or credits to that member's capital sold pursuant to that provision does not exceed $1,000. The bill would specify that this $1,000 limitation does not apply to any shares, memberships, or credits allocated to a member's capital as all, or part of, any patronage distributions.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 512, Statutes of 2021.
Enrolled and presented to the Governor at 4 p.m.
In Assembly. Ordered to Engrossing and Enrolling.
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2236.).
Read second time. Ordered to Consent Calendar.
From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.
In committee: Hearing postponed by committee.
From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (June 22). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on JUD. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (June 9). Re-referred to Com. on JUD.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1334.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 16. Noes 0.) (April 28).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 15). Re-referred to Com. on APPR.
From printer. May be heard in committee February 21.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB283 | HTML |
| 01/21/21 - Introduced | |
| 09/01/21 - Enrolled | |
| 10/05/21 - Chaptered |
| Document | Format |
|---|---|
| 04/14/21- Assembly Banking and Finance | |
| 04/26/21- Assembly Appropriations | |
| 06/07/21- Senate Banking and Financial Institutions | |
| 06/18/21- Senate Judiciary | |
| 08/18/21- Sen. Floor Analyses |
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