California 2009-2010 Regular Session Status: In Committee

SB 491 — Capital access companies.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, the Capital Access Company Law, provides for the licensure and regulation by the Commissioner of Corporations of capital access companies to enable those entities to provide risk capital and management assistance to small businesses in the state, exempt from the requirements of the federal Investment Company Act of 1940. A violation of the Capital Access Company Law may be punishable as a crime or by the imposition of civil penalties, as specified. This bill would repeal and recast the provisions of the Capital Access Company Law. The bill would require the commissioner to administer and enforce the Capital Access Company Law. The bill would establish procedures for the licensure of applicants to operate as a capital access company, including requiring the commissioner to determine whether an applicant meets specified requirements before issuing a license. The bill would authorize the commissioner to issue regulations and orders in administering the Capital Access Company Law. The bill would prohibit a person from acquiring control of a licensee without the prior approval of the commissioner. The bill would require the establishment of a capital access company advisory council, as specified, which would be required to adopt rules and regulations relative to the licensure and regulation of capital access companies. The bill would also establish unspecified fees to be paid to the commissioner when, among other things, an application is filed with the commissioner or when a licensee or any affiliate of a licensee is examined. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. (Corrected May 26.)

  3. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., F. & I.

  4. Set, first hearing. Hearing canceled at the request of author.

  5. Set for hearing April 1.

  6. To Coms. on B., F. & I. and B., P. & E.D.

  7. From print. May be acted upon on or after March 28.

  8. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Dutton · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Dutton

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 491 do?
Existing law, the Capital Access Company Law, provides for the licensure and regulation by the Commissioner of Corporations of capital access companies to enable those entities to provide risk capital and management assistance to small businesses in the state, exempt from the requirements of the federal Investment Company Act of 1940. A violation of the Capital Access Company Law may be punishable as a crime or by the imposition of civil penalties, as specified. This bill would repeal and recast the provisions of the Capital Access Company Law. The bill would require the commissioner to administer and enforce the Capital Access Company Law. The bill would establish procedures for the licensure of applicants to operate as a capital access company, including requiring the commissioner to determine whether an applicant meets specified requirements before issuing a license. The bill would authorize the commissioner to issue regulations and orders in administering the Capital Access Company Law. The bill would prohibit a person from acquiring control of a licensee without the prior approval of the commissioner. The bill would require the establishment of a capital access company advisory council, as specified, which would be required to adopt rules and regulations relative to the licensure and regulation of capital access companies. The bill would also establish unspecified fees to be paid to the commissioner when, among other things, an application is filed with the commissioner or when a licensee or any affiliate of a licensee is examined. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors SB 491?
SB 491 is sponsored by Dutton.
What is the current status of SB 491?
This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 491?
Track SB 491 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 491

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 491

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →