California 2015-2016 Regular Session Status: Passed Assembly Bipartisan · 1 D · 1 R cosponsors

AB 2270 — California Infrastructure and Economic Development Bank: surety bond program.

Last action — In committee: Held under submission.

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

This bill died with 2015-2016 Regular Session. It reached “Passed Assembly” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Small Business Financial Assistance Act of 2013, the California Infrastructure and Economic Development Bank, within the Governor's Office of Business and Economic Development, administers specific programs relating to small business, either administered directly by the bank or under contract with small business financial development corporations. The act authorizes bank programs to offer surety bond guarantees. The act prohibits a corporation from guaranteeing any loan unless and until it makes specified determinations, including that there is a low probability that the surety bond would be granted by a financial institution or financial company under reasonable terms or conditions, and the beneficiary has demonstrated a reasonable prospect of successful completion of the project. This bill would modify that prohibition to refer to a surety bond instead of a loan and would add private bonding companies to those entities considered when calculating the probability that a surety bond would be granted. The act, in addition to the authority described above, authorizes a corporation to act as a guarantor on a surety bond for any small business contractor, including, but not limited to, women, minority, and disabled veteran contractors. This bill would expand those entities for which a corporation may act as a guarantor on a surety bond to include disadvantaged business enterprise contractors. The bill would require a surety bond program to include technical assistance to a participating contractor, as prescribed. The bill would authorize the bank, in implementing a surety bond program under the act, to assign all or part of the program to another state entity in a prescribed manner, to establish one or more pilot projects before approving directives and guidelines for a statewide surety bond and small contractor assistance program, and to establish one or more nonstate contracts under specific circumstances. The act continues in existence the California Small Business Expansion Fund (expansion fund) , a continuously appropriated fund that includes General Fund moneys. The expansion fund may be used to pay defaulted loan guarantee or surety bond losses, or other financial product defaults or losses, to fund direct loans and other debt instruments, to pay administrative costs of corporations, to pay state support and administrative costs, and to pay costs to protect a real property interest in a financial product default. By expanding the activities of the bank that are funded by continuous appropriation from the expansion fund, this bill would make an appropriation.

Bill Text

Action History

  1. In committee: Held under submission.

  2. In committee: Referred to APPR. suspense file.

  3. From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 1.) (June 27). Re-referred to Com. on APPR.

  4. Referred to Com. on B., P. & E.D.

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

  6. Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 5233.)

  7. Read second time. Ordered to third reading.

  8. Read second time and amended. Ordered returned to second reading.

  9. From committee: Amend, and do pass as amended. (Ayes 20. Noes 0.) (May 27).

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

  11. Re-referred to Com. on APPR. pursuant to Assembly Rule 96.

  12. Re-referred to Com. on A. & A.R.

  13. Read second time and amended.

  14. From committee: Amend, and do pass as amended and re-refer to Com. on A. & A.R. (Ayes 9. Noes 0.) (April 5).

  15. Referred to Coms. on J., E.D., & E. and A. & A.R.

  16. From printer. May be heard in committee March 20.

  17. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on · 1 voted No

Sponsors (1)

Co-sponsors (1)

Not signed on (120)

120 members have not signed on to this bill.

Show all 120 →

"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

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 1000
Unaffiliated 6000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Mendoza — Yea
Bates — Yea
Beall — Yea
Hill — Yea
Lara — Yea
Nielsen — Yea
McGuire, Mike Democratic Yea

Official roll call →

AB 2270 BONTA Assembly Third Reading

Passed 78 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 68002
Democratic 5000
Republican 5000
Total 78002
% of votes cast 98%0%0%3%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Low — Yea
Maienschein — Yea
Mathis — Yea
O'Donnell — Yea
Ridley-Thomas — Yea
Steinorth — Yea
Ting — Yea
Wagner — Yea
Wilk — Yea
Eggman — Yea
Daly — Yea
Gatto — Yea
Salas — Yea
Gordon — Yea
Harper — Yea
Burke — Yea
Jones-Sawyer — Yea
Kim — Yea
Levine — Yea
Linder — Yea
Chang — Yea
Mayes — Yea
McCarty — Yea
Melendez — Yea
Gray — Yea
Nazarian — Yea
Obernolte — Yea
Atkins — Yea
Chau — Yea
Baker — Yea
Chiu — Yea
Chu — Yea
Chávez — Yea
Cooley — Yea
Cooper — Yea
Dababneh — Yea
Dodd — Yea
Olsen — Yea
Rendon — Yea
Rodriguez — Yea
Thurmond — Yea
Waldron — Yea
Weber — Yea
Williams — Yea
Bonilla — Yea
Lopez — Yea
Campos — Yea
Bigelow — Not Voting
Holden — Yea
Medina — Yea
Mullin — Yea
Quirk — Yea
Santiago — Yea
Wood — Yea
Frazier — Yea
Gomez — Yea
Hadley — Yea
Beth Gaines — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Arambula, Joaquin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass as amended.

Passed 20 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 16000
Democratic 2000
Republican 2000
Total 20000
% of votes cast 100%0%0%0%
How each member voted (20)
Member Party Vote
Bigelow — Yea
Eggman — Yea
Obernolte — Yea
Wagner — Yea
Bonilla — Yea
Holden — Yea
Chang — Yea
Daly — Yea
Bloom — Yea
Quirk — Yea
Santiago — Yea
Weber — Yea
Wood — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Roger Hernández — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

finance housing labor
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Frequently asked questions

What does AB 2270 do?
Under the Small Business Financial Assistance Act of 2013, the California Infrastructure and Economic Development Bank, within the Governor's Office of Business and Economic Development, administers specific programs relating to small business, either administered directly by the bank or under contract with small business financial development corporations. The act authorizes bank programs to offer surety bond guarantees. The act prohibits a corporation from guaranteeing any loan unless and until it makes specified determinations, including that there is a low probability that the surety bond would be granted by a financial institution or financial company under reasonable terms or conditions, and the beneficiary has demonstrated a reasonable prospect of successful completion of the project. This bill would modify that prohibition to refer to a surety bond instead of a loan and would add private bonding companies to those entities considered when calculating the probability that a surety bond would be granted. The act, in addition to the authority described above, authorizes a corporation to act as a guarantor on a surety bond for any small business contractor, including, but not limited to, women, minority, and disabled veteran contractors. This bill would expand those entities for which a corporation may act as a guarantor on a surety bond to include disadvantaged business enterprise contractors. The bill would require a surety bond program to include technical assistance to a participating contractor, as prescribed. The bill would authorize the bank, in implementing a surety bond program under the act, to assign all or part of the program to another state entity in a prescribed manner, to establish one or more pilot projects before approving directives and guidelines for a statewide surety bond and small contractor assistance program, and to establish one or more nonstate contracts under specific circumstances. The act continues in existence the California Small Business Expansion Fund (expansion fund) , a continuously appropriated fund that includes General Fund moneys. The expansion fund may be used to pay defaulted loan guarantee or surety bond losses, or other financial product defaults or losses, to fund direct loans and other debt instruments, to pay administrative costs of corporations, to pay state support and administrative costs, and to pay costs to protect a real property interest in a financial product default. By expanding the activities of the bank that are funded by continuous appropriation from the expansion fund, this bill would make an appropriation.
Who sponsors AB 2270?
AB 2270 is sponsored by Bonta, Mia (Democratic) and Gonzalez, Jeff (Republican).
What is the current status of AB 2270?
This bill died with 2015-2016 Regular Session. It reached “Passed Assembly” 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 2270?
Track AB 2270 free on One Click Politics — get push/email alerts when it moves.

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