SB 51 — Capital access companies.

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

"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.

Frequently asked questions

What does SB 51 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. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution.

Who sponsors SB 51?

SB 51 is sponsored by Dutton.

What is the current status of SB 51?

This bill died with 2009-2010, 8th Special Session. It reached “Introduced” 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 51?

Track SB 51 free on One Click Politics — get push/email alerts when it moves.