AB 856 — Securities: sale or issue: exemptions.
Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2013-2014 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 makes it unlawful for any person to offer or sell in this state any security in an issuer transaction unless the sale has been qualified or unless the security or transaction is exempt from or not subject to qualification, as specified. Existing law provides an exemption for the sale or issue of specified voting common stock or preferred stock to a qualified purchaser with a net worth in excess of specified limits. This bill would add nonpreferred voting securities, as defined, to the list of securities exempt from qualification requirements under these provisions and would make other conforming changes.
Bill Text
- Amended 03/18/13 - Amended Assembly Current pdf March 18, 2013
- Introduced 02/21/13 - Introduced pdf February 21, 2013
- AB856 View text html
Action History
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From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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Re-referred to Com. on B. & F.
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From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
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Referred to Com. on B. & F.
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From printer. May be heard in committee March 24.
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Read first time. To print.
Sponsors
- Hagman · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Hagman
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.
Subjects
Frequently asked questions
- What does AB 856 do?
- Existing law makes it unlawful for any person to offer or sell in this state any security in an issuer transaction unless the sale has been qualified or unless the security or transaction is exempt from or not subject to qualification, as specified. Existing law provides an exemption for the sale or issue of specified voting common stock or preferred stock to a qualified purchaser with a net worth in excess of specified limits. This bill would add nonpreferred voting securities, as defined, to the list of securities exempt from qualification requirements under these provisions and would make other conforming changes.
- Who sponsors AB 856?
- AB 856 is sponsored by Hagman.
- What is the current status of AB 856?
- This bill died with 2013-2014 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 AB 856?
- Track AB 856 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 2 months ago · updated continuously
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