California 2013-2014 Regular Session Status: Enacted

AB 978 — Financial institutions: Iran sanctions.

Last action — Chaptered by Secretary of State - Chapter 139, Statutes of 2013.

Track this bill free

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

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

This bill has been enacted into law. Introduced February 22, 2013. Enacted.

Prognosis

Likely to advance 78% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 5 sponsors

    1 primary, 4 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law generally provides for the regulation and licensure of financial institutions, including, but not limited to, banks and credit unions, by the Department of Business Oversight and the Commissioner of Business Oversight, as specified. The federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 imposes federal sanctions against the Government of Iran, as specified, and, among other duties, requires the Secretary of the Treasury to prescribe regulations to prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the Secretary of the Treasury finds knowingly engages in certain activities related to the Government of Iran, subject to specified penalties. The federal act also requires the Secretary of the Treasury to prescribe regulations to require a domestic financial institution maintaining a correspondent account or payable-through account in the United States for a foreign financial institution to perform an audit of prohibited activities that may be carried out by the foreign financial institution, report to the Department of the Treasury with respect to transactions or other financial services provided with respect to a prohibited activity, certify that the foreign financial institution is not knowingly engaging in any prohibited activity, to the best of its knowledge, and establish due diligence policies, procedures, and controls reasonably designed to detect whether the Secretary of the Treasury has found the foreign financial institution to knowingly engage in any prohibited activity. This bill would require the commissioner, when conducting specified examinations, to examine whether a licensee that maintains a correspondent account or payable-through account, as defined, is in compliance with the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, associated federal regulations, and any related presidential executive orders. The bill also authorizes the commissioner to bring an action for a violation of the act, as specified, and requires the commissioner to forward evidence of the violation to the United States Department of the Treasury. This bill would become inoperative when certain conditions are met.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 139, Statutes of 2013.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 12:30 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 74. Noes 1. Page 2470.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 7 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 33. Noes 0. Page 1689.).

  7. Read second time. Ordered to third reading.

  8. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

  9. Read second time and amended. Re-referred to Com. on APPR.

  10. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (June 5).

  11. Referred to Com. on B. & F.I.

  12. In Senate. Read first time. To Com. on RLS. for assignment.

  13. Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 1. Page 1463.)

  14. Read second time. Ordered to third reading.

  15. From committee: Do pass. (Ayes 16. Noes 1.) (May 8).

  16. Re-referred to Com. on APPR.

  17. Read second time and amended.

  18. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (April 22).

  19. Re-referred to Com. on B. & F.

  20. Read second time and amended.

  21. From committee: Do pass as amended and re-refer to Com. on B. & F. (Ayes 8. Noes 0.) (April 9).

  22. Referred to Coms. on J., E.D., & E. and B. & F.

  23. Read first time.

  24. From printer. May be heard in committee March 26.

  25. Introduced. To print.

Sponsors

  • Blumenfield · Primary
  • Brown · Cosponsor
  • Correa · Cosponsor
  • Fox · Cosponsor
  • Medina · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 4 co-sponsors · 117 not signed on

Sponsors (1)

  • Blumenfield

Co-sponsors (4)

  • Brown
  • Correa
  • Fox
  • Medina

Not signed on (117)

117 members have not signed on to this bill.

Show all 117 →

"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

Votes

AB 978 Concurrence in Senate Amendments By FOX

Passed 74 Yea · 1 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 63103
Democratic 7000
Republican 4000
Total 74103
% of votes cast 95%1%0%4%
How each member voted (78)
Member Party Vote
Achadjian — Yea
Ammiano — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Levine — Yea
Linder — Yea
Mansoor — Yea
Morrell — Yea
Pan — Yea
Quirk — Yea
Wagner — Yea
Waldron — Yea
Wieckowski — Yea
Wilk — Yea
Hagman — Yea
Logue — Yea
Bigelow — Yea
Stone — Yea
Lowenthal — Yea
Gray — Yea
Atkins — Yea
Skinner — Yea
Mitchell — Yea
Campos — Yea
Chau — Yea
Bonilla — Yea
Gatto — Yea
Gomez — Yea
Gordon — Yea
Bocanegra — Yea
John A. Pérez — Yea
Salas — Yea
Hall — Not Voting
Harkey — Yea
Chesbro — Yea
Holden — Yea
Jones-Sawyer — Yea
Maienschein — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Nazarian — Yea
Nestande — Yea
Alejo — Yea
Bloom — Yea
Chávez — Not Voting
Conway — Yea
Cooley — Yea
Dickinson — Yea
Donnelly — Nay
Eggman — Not Voting
Olsen — Yea
Perea — Yea
Rendon — Yea
Ting — Yea
Weber — Yea
Williams — Yea
Daly — Yea
Fox — Yea
Frazier — Yea
Yamada — Yea
Gonzalez — Yea
Gorell — Yea
Beth Gaines — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Allen, Benjamin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Garcia, Robert Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Patterson, Joe Republican Yea

Official roll call →

3rd Reading AB978 Blumenfield By Correa

Passed 33 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 31004
Democratic 2001
Total 33005
% of votes cast 87%0%0%13%
How each member voted (38)
Member Party Vote
Anderson — Yea
Block — Yea
Hernandez — Not Voting
Knight — Yea
Wolk — Yea
Galgiani — Yea
Huff — Yea
Leno — Yea
Liu — Yea
Beall — Yea
Correa — Yea
Nielsen — Yea
Wright — Yea
Evans — Yea
Fuller — Yea
De León — Not Voting
Hancock — Yea
Hill — Yea
Hueso — Yea
Cannella — Yea
Corbett — Yea
Lara — Not Voting
Lieu — Yea
Monning — Yea
Pavley — Yea
Roth — Yea
Steinberg — Yea
Torres — Yea
Walters — Yea
Wyland — Yea
Emmerson — Yea
DeSaulnier — Yea
Yee — Not Voting
Beth Gaines — Yea
Bill Berryhill — Yea
Calderon, Lisa Democratic Not Voting
Jackson, Corey A. Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

AB 978 BLUMENFIELD Assembly Third Reading

Passed 72 Yea · 1 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 63104
Democratic 6001
Republican 3001
Total 72106
% of votes cast 91%1%0%8%
How each member voted (79)
Member Party Vote
Achadjian — Yea
Bloom — Yea
Blumenfield — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Jones-Sawyer — Yea
Linder — Yea
Logue — Yea
Mansoor — Yea
Mullin — Yea
Olsen — Yea
Perea — Yea
Rendon — Yea
Ting — Yea
Weber — Yea
Williams — Yea
Gorell — Yea
Hagman — Yea
Lowenthal — Yea
Gray — Yea
Atkins — Yea
Mitchell — Yea
Bigelow — Yea
Nazarian — Yea
Skinner — Yea
Torres — Yea
Waldron — Yea
Campos — Yea
Chau — Yea
Bonilla — Yea
Frazier — Yea
Gomez — Yea
Gordon — Yea
Bocanegra — Yea
Harkey — Yea
John A. Pérez — Yea
Holden — Not Voting
Salas — Yea
Levine — Yea
Maienschein — Yea
Chesbro — Yea
Medina — Yea
Melendez — Not Voting
Stone — Not Voting
Morrell — Not Voting
Nestande — Yea
Pan — Yea
Alejo — Yea
Ammiano — Yea
Chávez — Yea
Conway — Yea
Cooley — Yea
Donnelly — Nay
Eggman — Yea
Quirk — Yea
Wagner — Yea
Wieckowski — Yea
Wilk — Yea
Daly — Yea
Dickinson — Yea
Fox — Yea
Gatto — Yea
Yamada — Yea
Hall — Yea
Beth Gaines — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Allen, Benjamin Democratic Not Voting
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Garcia, Robert Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Not Voting
Jones, Brian W. Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass.

Passed 16 Yea · 1 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15100
Democratic 1000
Total 16100
% of votes cast 94%6%0%0%
How each member voted (17)
Member Party Vote
Bigelow — Yea
Bradford — Yea
Linder — Yea
Gomez — Yea
Campos — Yea
Hall — Yea
Harkey — Yea
Bocanegra — Yea
Donnelly — Nay
Ammiano — Yea
Eggman — Yea
Pan — Yea
Quirk — Yea
Wagner — Yea
Weber — Yea
Gatto — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on Appropriations.

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 10001
Democratic 1000
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Achadjian — Yea
Blumenfield — Yea
Linder — Yea
Morrell — Yea
Torres — Yea
Dickinson — Yea
Gatto — Yea
Chau — Yea
Mansoor — Not Voting
Perea — Yea
Weber — Yea
Bonta, Mia Democratic Yea

Official roll call →

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 AB 978 do?
Existing law generally provides for the regulation and licensure of financial institutions, including, but not limited to, banks and credit unions, by the Department of Business Oversight and the Commissioner of Business Oversight, as specified. The federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 imposes federal sanctions against the Government of Iran, as specified, and, among other duties, requires the Secretary of the Treasury to prescribe regulations to prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the Secretary of the Treasury finds knowingly engages in certain activities related to the Government of Iran, subject to specified penalties. The federal act also requires the Secretary of the Treasury to prescribe regulations to require a domestic financial institution maintaining a correspondent account or payable-through account in the United States for a foreign financial institution to perform an audit of prohibited activities that may be carried out by the foreign financial institution, report to the Department of the Treasury with respect to transactions or other financial services provided with respect to a prohibited activity, certify that the foreign financial institution is not knowingly engaging in any prohibited activity, to the best of its knowledge, and establish due diligence policies, procedures, and controls reasonably designed to detect whether the Secretary of the Treasury has found the foreign financial institution to knowingly engage in any prohibited activity. This bill would require the commissioner, when conducting specified examinations, to examine whether a licensee that maintains a correspondent account or payable-through account, as defined, is in compliance with the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, associated federal regulations, and any related presidential executive orders. The bill also authorizes the commissioner to bring an action for a violation of the act, as specified, and requires the commissioner to forward evidence of the violation to the United States Department of the Treasury. This bill would become inoperative when certain conditions are met.
Who sponsors AB 978?
AB 978 is sponsored by Blumenfield, Brown, Correa, Fox, and Medina.
What is the current status of AB 978?
This bill has been enacted into law. Introduced February 22, 2013. Enacted.
Where can I track AB 978?
Track AB 978 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on AB 978

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 AB 978

Last checked for changes 3 months ago · updated continuously

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

Track this bill →