California 2013-2014 Regular Session Status: Enacted

AB 502 — Commercial law: secured transactions.

Last action — Chaptered by Secretary of State - Chapter 531, Statutes of 2013.

  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 20, 2013. Enacted.

Prognosis

Likely to advance 70% · 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.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 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

The Uniform Commercial Code governs security interests in collateral, including personal property and fixtures, as well as certain sales of accounts, contract rights, and chattel paper. The code, among other things, specifies requirements and procedures regarding perfecting a security interest, including the filing of a financing statement with the Secretary of State, amending a financing statement, transferring a security interest, and terminating a security interest. The code also governs the effectiveness of a security interest when a debtor changes locations to another jurisdiction. This bill would, on and after July 1, 2014, revise and recast specified provisions governing security interests. Among other things, the revised provisions would (1) define a "public organic record" and revise the definitions of "authenticate," "certificate of title," and "registered organization" for purposes of those provisions, (2) specify an additional requirement for determining whether a secured party has control of electronic chattel paper, (3) specify rules that apply to collateral to which a security interest attaches within 4 months after the debtor changes its location to another jurisdiction, (4) revise the requirements for a record to sufficiently provide the name of a registered organization, a decedent's estate, or an individual, (5) provide for a secured party of record with respect to a financing statement to file an information statement with respect to a record if the secured party believes that the person that filed the record was not entitled to do so, and (6) enact changes relating to the subordination of security interests, the assignment of security interests, and the refusal of a filing office to accept a record for filing. This bill would implement transitional rules for determining the perfection of a security interest, as specified. The bill would also revise cross-references and make conforming changes to related provisions. This bill would become operative on July 1, 2014. This bill would appropriate $240,000 from the Secretary of State's Business Fees Fund to the Secretary of State to implement this bill, including, but not limited to, promulgating appropriate regulations, modifying automated filing systems and programming, and updating filing forms.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 531, Statutes of 2013.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 76. Noes 2. Page 3100.).

  5. Assembly Rule 63 suspended. (Ayes 53. Noes 25. Page 3064.)

  6. Assembly Rule 77 suspended. (Ayes 53. Noes 25. Page 3064.)

  7. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.

  8. Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 2248.).

  9. Read second time. Ordered to third reading.

  10. From committee: Do pass. (Ayes 7. Noes 0.) (August 30).

  11. In committee: Placed on APPR. suspense file.

  12. From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 2). Re-referred to Com. on APPR.

  13. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.

  14. Referred to Com. on JUD.

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

  16. Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1742.)

  17. Read second time. Ordered to third reading.

  18. Read second time and amended. Ordered to second reading.

  19. From committee: Do pass as amended. (Ayes 17. Noes 0.) (May 24).

  20. In committee: Set, first hearing. Referred to APPR. suspense file.

  21. Re-referred to Com. on APPR.

  22. Read second time and amended.

  23. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 4.) (April 30).

  24. In committee: Hearing postponed by committee.

  25. In committee: Set, first hearing. Hearing canceled at the request of author.

  26. In committee: Hearing postponed by committee.

  27. Re-referred to Com. on JUD.

  28. From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.

  29. Referred to Com. on JUD.

  30. From printer. May be heard in committee March 23.

  31. Read first time. To print.

Sponsors

  • Wagner · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on · 2 voted No

Sponsors (1)

  • Wagner

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

Votes

AB 502 WAGNER Concurrence in Senate Amendments

Passed 76 Yea · 2 Nay
Party YeaNayPresentNot Voting
Unaffiliated 69200
Democratic 4000
Republican 3000
Total 76200
% of votes cast 97%3%0%0%
How each member voted (78)
Member Party Vote
Alejo — Yea
Ammiano — Yea
Bloom — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Linder — Yea
Maienschein — Yea
Mansoor — Yea
Mullin — Yea
Olsen — Yea
Wieckowski — Yea
Allen — Yea
Lowenthal — Yea
Frazier — Yea
Gomez — Yea
Garcia — Yea
Gray — Yea
Atkins — Yea
Fong — Yea
Campos — Yea
Cooley — Yea
Bonilla — Yea
Gorell — Yea
Hall — Yea
Harkey — Yea
Holden — Yea
Jones-Sawyer — Yea
Bocanegra — Yea
Levine — Yea
Bigelow — Yea
Daly — Yea
Dickinson — Yea
Eggman — Yea
Logue — Yea
Medina — Yea
Melendez — Yea
Nazarian — Yea
Pan — Yea
Perea — Yea
Quirk — Yea
Skinner — Yea
Waldron — Yea
Weber — Yea
Wilk — Yea
Williams — Yea
John A. Pérez — Yea
Salas — Yea
Mitchell — Nay
Chau — Yea
Chesbro — Yea
Chávez — Yea
Conway — Yea
Donnelly — Yea
Morrell — Yea
Nestande — Yea
Rendon — Yea
Ting — Yea
Wagner — Yea
Achadjian — Yea
Fox — Yea
Gatto — Yea
Yamada — Yea
Gordon — Yea
Hagman — Yea
Beth Gaines — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Nay
Roger Hernández — Yea
V. Manuel Pérez — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

3rd Reading AB502 Wagner By Corbett

Passed 38 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 35001
Democratic 3000
Total 38001
% of votes cast 97%0%0%3%
How each member voted (39)
Member Party Vote
Anderson — Yea
Beall — Yea
Block — Yea
Lara — Yea
Steinberg — Yea
Wright — Yea
Emmerson — Yea
Evans — Yea
Fuller — Yea
Galgiani — Yea
De León — Yea
Cannella — Yea
Hernandez — Yea
Hill — Yea
Hueso — Yea
Huff — Yea
Knight — Yea
Corbett — Yea
Correa — Yea
Leno — Yea
Lieu — Yea
Liu — Yea
Monning — Yea
Nielsen — Yea
Pavley — Yea
Roth — Yea
Torres — Yea
Vidak — Yea
Walters — Yea
Wolk — Yea
DeSaulnier — Not Voting
Wyland — Yea
Yee — Yea
Hancock — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Calderon, Lisa Democratic Yea
Jackson, Corey A. Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

Do pass.

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Hill — Yea
Lara — Yea
De León — Yea
Steinberg — Yea
Walters — Yea
Beth Gaines — Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

AB 502 WAGNER Assembly Third Reading

Passed 77 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 66002
Democratic 7000
Republican 4000
Total 77002
% of votes cast 97%0%0%3%
How each member voted (79)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Holden — Not Voting
Levine — Yea
Linder — Not Voting
Melendez — Yea
Morrell — Yea
Olsen — Yea
Rendon — Yea
Wagner — Yea
Waldron — Yea
Wilk — Yea
Chau — Yea
Chávez — Yea
Stone — Yea
Gorell — Yea
Daly — Yea
Mansoor — Yea
Campos — Yea
Mullin — Yea
Nazarian — Yea
Eggman — Yea
Quirk — Yea
Ammiano — Yea
Blumenfield — Yea
Ting — Yea
Weber — Yea
Wieckowski — Yea
Bonilla — Yea
Cooley — Yea
Conway — Yea
Donnelly — Yea
Logue — Yea
Skinner — Yea
Gray — Yea
Mitchell — Yea
Bocanegra — Yea
John A. Pérez — Yea
Salas — Yea
Lowenthal — Yea
Gonzalez — Yea
Atkins — Yea
Chesbro — Yea
Hall — Yea
Harkey — Yea
Bigelow — Yea
Jones-Sawyer — Yea
Maienschein — Yea
Medina — Yea
Nestande — Yea
Pan — Yea
Perea — Yea
Williams — Yea
Dickinson — Yea
Fox — Yea
Frazier — Yea
Gatto — Yea
Yamada — Yea
Gomez — Yea
Gordon — Yea
Hagman — 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 →

Do pass as amended.

Passed 17 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 16000
Democratic 1000
Total 17000
% of votes cast 100%0%0%0%
How each member voted (17)
Member Party Vote
Ammiano — Yea
Bradford — Yea
Harkey — Yea
Linder — Yea
Pan — Yea
Campos — Yea
Hall — Yea
Bocanegra — Yea
Donnelly — Yea
Quirk — Yea
Wagner — Yea
Weber — Yea
Gatto — Yea
Gomez — Yea
Bigelow — Yea
Eggman — Yea
Calderon, Lisa 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 502 do?
The Uniform Commercial Code governs security interests in collateral, including personal property and fixtures, as well as certain sales of accounts, contract rights, and chattel paper. The code, among other things, specifies requirements and procedures regarding perfecting a security interest, including the filing of a financing statement with the Secretary of State, amending a financing statement, transferring a security interest, and terminating a security interest. The code also governs the effectiveness of a security interest when a debtor changes locations to another jurisdiction. This bill would, on and after July 1, 2014, revise and recast specified provisions governing security interests. Among other things, the revised provisions would (1) define a "public organic record" and revise the definitions of "authenticate," "certificate of title," and "registered organization" for purposes of those provisions, (2) specify an additional requirement for determining whether a secured party has control of electronic chattel paper, (3) specify rules that apply to collateral to which a security interest attaches within 4 months after the debtor changes its location to another jurisdiction, (4) revise the requirements for a record to sufficiently provide the name of a registered organization, a decedent's estate, or an individual, (5) provide for a secured party of record with respect to a financing statement to file an information statement with respect to a record if the secured party believes that the person that filed the record was not entitled to do so, and (6) enact changes relating to the subordination of security interests, the assignment of security interests, and the refusal of a filing office to accept a record for filing. This bill would implement transitional rules for determining the perfection of a security interest, as specified. The bill would also revise cross-references and make conforming changes to related provisions. This bill would become operative on July 1, 2014. This bill would appropriate $240,000 from the Secretary of State's Business Fees Fund to the Secretary of State to implement this bill, including, but not limited to, promulgating appropriate regulations, modifying automated filing systems and programming, and updating filing forms.
Who sponsors AB 502?
AB 502 is sponsored by Wagner.
What is the current status of AB 502?
This bill has been enacted into law. Introduced February 20, 2013. Enacted.
Where can I track AB 502?
Track AB 502 free on One Click Politics — get push/email alerts when it moves.

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