California 2019-2020 Regular Session Status: In Committee 1 D cosponsors

AB 2637 — Broker-dealers: exemptions: finders: filings.

Last action — From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (May 19). Re-referred to Com. on APPR.

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

This bill died with 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Under the Corporate Securities Law of 1968, the Commissioner of Business Oversight regulates the activities of a broker-dealer, which is defined as, among other things, any person engaged in the business of effecting securities transactions in California for the account of others or that person's own account. The law specifies persons or entities excluded from the definition. Among the excluded persons is a finder, as defined, which is a person that meets specified requirements including filing an initial statement of information and paying a filing fee. The law requires a finder to annually supplement the initial information in a renewal statement within 30 days of the anniversary of the first statement. This bill would change the required timing of the supplemental filing by requiring the renewal statement to be filed initially on or before December 31 following the anniversary of the filing of the initial statement and annually thereafter. The bill would also authorize the commissioner to, by rule or order, require additional information to be included in the supplemental renewal filing.

Bill Text

Action History

  1. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (May 19). Re-referred to Com. on APPR.

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

  3. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  4. Referred to Com. on B. & F.

  5. From printer. May be heard in committee March 22.

  6. Read first time. To print.

Sponsors

Sponsorship breakdown

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

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 6000
Republican 2000
Unaffiliated 3001
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Fong — Yea
Weber — Yea
Burke — Not Voting
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

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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 2637 do?
Under the Corporate Securities Law of 1968, the Commissioner of Business Oversight regulates the activities of a broker-dealer, which is defined as, among other things, any person engaged in the business of effecting securities transactions in California for the account of others or that person's own account. The law specifies persons or entities excluded from the definition. Among the excluded persons is a finder, as defined, which is a person that meets specified requirements including filing an initial statement of information and paying a filing fee. The law requires a finder to annually supplement the initial information in a renewal statement within 30 days of the anniversary of the first statement. This bill would change the required timing of the supplemental filing by requiring the renewal statement to be filed initially on or before December 31 following the anniversary of the filing of the initial statement and annually thereafter. The bill would also authorize the commissioner to, by rule or order, require additional information to be included in the supplemental renewal filing.
Who sponsors AB 2637?
AB 2637 is sponsored by Limón, Monique (Democratic).
What is the current status of AB 2637?
This bill died with 2019-2020 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 2637?
Track AB 2637 free on One Click Politics — get push/email alerts when it moves.

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