California 2015-2016 Regular Session Status: Enacted

AB 2759 — Corporations: agents: victims of corporate fraud compensation fund.

Last action — Chaptered by Secretary of State - Chapter 390, Statutes of 2016.

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  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 19, 2016. 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 10 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

Existing law establishes the Victims of Corporate Fraud Compensation Fund, a continuously appropriated fund, within the State Treasury administered by the Secretary of State, the sole purpose of which is to provide restitution to victims of corporate fraud. Existing law provides that an aggrieved person who obtains a final judgment, as specified, against a corporation based upon the corporation's fraud, misrepresentation, or deceit, made with intent to defraud, may file an application with the Secretary of State for payment from the fund for the amount unpaid on the judgment that represents the awarded actual and direct loss to the claimant in the final judgment. This bill would additionally apply those provisions if an aggrieved person obtains a criminal restitution order against an agent, as defined, of a corporation based upon those same circumstances. The bill would also make conforming changes. By allowing for additional payments to be made from the Victims of Corporate Fraud Compensation Fund, this bill would make an appropriation. Existing law requires the application filed with the Secretary of State to include specified information and documentation, and imposes criminal penalties for the filing of any documents that are false or untrue or contain any willful, material misstatements of fact. This bill would require, if the final judgment is a criminal restitution order, the claimant to provide the charging document and the restitution order, and if the defendant is an agent, documentation showing the defendant named in the restitution order is an agent as defined in this bill. By expanding the scope of a crime, this bill would impose a state-mandated local program. Existing law requires, if, at any time, the money deposited in the Victims of Corporate Fraud Compensation Fund is insufficient to satisfy any duly authorized award or offer of settlement, the Secretary of State to, when sufficient money has been deposited in the fund, satisfy the unpaid award or offer of settlement, plus specified accumulated interest. This bill would eliminate the requirement to pay that specified accumulated interest. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 390, Statutes of 2016.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 12 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6301.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 25 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 5250.).

  7. Read second time. Ordered to third reading.

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

  9. Read second time and amended. Ordered to third reading.

  10. From committee: Amend, and do pass as amended. (Ayes 5. Noes 0.) (August 11).

  11. Referred to APPR. suspense file.

  12. Read second time and amended. Re-referred to Com. on APPR.

  13. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 28).

  14. Read second time and amended. Re-referred to Com. on JUD.

  15. From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 0.) (June 15).

  16. Referred to Coms. on B. & F.I. and JUD.

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

  18. Read third time. Passed. Ordered to the Senate. (Ayes 80. Noes 0. Page 5108.)

  19. Read second time. Ordered to third reading.

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

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

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

  23. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (April 18). Re-referred to Com. on APPR.

  24. From committee: Do pass and re-refer to Com. on B. & F. (Ayes 10. Noes 0.) (April 5). Re-referred to Com. on B. & F.

  25. Referred to Com. on JUD.

  26. Read first time.

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

  28. Introduced. To print.

Sponsors

  • Levine · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Levine

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 2759 LEVINE Concurrence in Senate Amendments

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
Baker — Yea
Bigelow — Yea
Bloom — Yea
Brough — Not Voting
Harper — Yea
Holden — Yea
Kim — Yea
Levine — Yea
Low — Yea
Maienschein — Yea
Mathis — Yea
O'Donnell — Yea
Ridley-Thomas — Yea
Chang — Yea
Eggman — Yea
Chu — Yea
Cooper — Yea
Daly — Yea
Frazier — Yea
Gatto — Yea
Chau — Yea
Chiu — Yea
Salas — Yea
Gomez — Yea
Gordon — Yea
Cooley — Yea
Brown — Yea
Linder — Yea
Mayes — Yea
McCarty — Yea
Nazarian — Yea
Obernolte — Yea
Olsen — Yea
Rendon — Yea
Rodriguez — Yea
Steinorth — Yea
Thurmond — Yea
Waldron — Yea
Weber — Yea
Wilk — Yea
Williams — Yea
Jones-Sawyer — Yea
Gray — Yea
Medina — Yea
Melendez — Yea
Atkins — Yea
Campos — Yea
Bonilla — Yea
Mullin — Yea
Chávez — Yea
Dababneh — Yea
Dodd — Yea
Wagner — Yea
Lopez — Yea
Hadley — Yea
Burke — Not Voting
Quirk — Yea
Santiago — Yea
Ting — Yea
Wood — Yea
Beth Gaines — Yea
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 →

3rd Reading AB2759 Levine By Vidak

Passed 39 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 36000
Democratic 3000
Total 39000
% of votes cast 100%0%0%0%
How each member voted (39)
Member Party Vote
Anderson — Yea
Bates — Yea
Hernandez — Yea
Huff — Yea
Leyva — Yea
Nielsen — Yea
Fuller — Yea
Allen — Yea
Cannella — Yea
Galgiani — Yea
Mitchell — Yea
De León — Yea
Glazer — Yea
Block — Yea
Hertzberg — Yea
Hill — Yea
Lara — Yea
Leno — Yea
Mendoza — Yea
Moorlach — Yea
Morrell — Yea
Pan — Yea
Pavley — Yea
Wieckowski — Yea
Wolk — Yea
Hall — Yea
Hancock — Yea
Hueso — Yea
Liu — Yea
Beall — Yea
Monning — Yea
Roth — Yea
Vidak — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass as amended

Passed 5 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 4002
Democratic 1000
Total 5002
% of votes cast 71%0%0%29%
How each member voted (7)
Member Party Vote
Bates — Not Voting
Hill — Yea
Nielsen — Not Voting
Lara — Yea
Beall — Yea
Mendoza — Yea
McGuire, Mike Democratic Yea

Official roll call →

Placed on suspense file

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
Bates — Yea
Hill — Yea
Lara — Yea
Beall — Yea
Mendoza — Yea
Nielsen — Yea
McGuire, Mike Democratic Yea

Official roll call →

AB 2759 LEVINE Assembly Third Reading

Passed 80 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 70000
Democratic 5000
Republican 5000
Total 80000
% of votes cast 100%0%0%0%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Levine — Yea
Linder — Yea
Mayes — Yea
Obernolte — Yea
Rodriguez — Yea
Santiago — Yea
Ting — Yea
Weber — Yea
Wilk — Yea
Eggman — Yea
Chu — Yea
Cooper — Yea
Daly — Yea
Frazier — Yea
Harper — Yea
Salas — Yea
Low — Yea
Gatto — Yea
Gordon — Yea
Burke — Yea
Holden — Yea
Jones-Sawyer — Yea
Gray — Yea
Kim — Yea
Atkins — Yea
Campos — Yea
Bonilla — Yea
Lopez — Yea
Maienschein — Yea
Chang — Yea
Chiu — Yea
Chávez — Yea
Cooley — Yea
Bigelow — Yea
Dababneh — Yea
Dodd — Yea
Mathis — Yea
McCarty — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Quirk — Yea
Ridley-Thomas — Yea
Steinorth — Yea
Thurmond — Yea
Wagner — Yea
Waldron — Yea
Wood — Yea
Chau — Yea
Nazarian — Yea
O'Donnell — Yea
Olsen — Yea
Rendon — Yea
Williams — Yea
Gomez — Yea
Hadley — Yea
Beth Gaines — Yea
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
Bloom — Yea
Holden — Yea
Quirk — Yea
Santiago — Yea
Eggman — Yea
Chang — Yea
Bonilla — Yea
Bigelow — Yea
Daly — Yea
Obernolte — Yea
Wagner — 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 labor
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Frequently asked questions

What does AB 2759 do?
Existing law establishes the Victims of Corporate Fraud Compensation Fund, a continuously appropriated fund, within the State Treasury administered by the Secretary of State, the sole purpose of which is to provide restitution to victims of corporate fraud. Existing law provides that an aggrieved person who obtains a final judgment, as specified, against a corporation based upon the corporation's fraud, misrepresentation, or deceit, made with intent to defraud, may file an application with the Secretary of State for payment from the fund for the amount unpaid on the judgment that represents the awarded actual and direct loss to the claimant in the final judgment. This bill would additionally apply those provisions if an aggrieved person obtains a criminal restitution order against an agent, as defined, of a corporation based upon those same circumstances. The bill would also make conforming changes. By allowing for additional payments to be made from the Victims of Corporate Fraud Compensation Fund, this bill would make an appropriation. Existing law requires the application filed with the Secretary of State to include specified information and documentation, and imposes criminal penalties for the filing of any documents that are false or untrue or contain any willful, material misstatements of fact. This bill would require, if the final judgment is a criminal restitution order, the claimant to provide the charging document and the restitution order, and if the defendant is an agent, documentation showing the defendant named in the restitution order is an agent as defined in this bill. By expanding the scope of a crime, this bill would impose a state-mandated local program. Existing law requires, if, at any time, the money deposited in the Victims of Corporate Fraud Compensation Fund is insufficient to satisfy any duly authorized award or offer of settlement, the Secretary of State to, when sufficient money has been deposited in the fund, satisfy the unpaid award or offer of settlement, plus specified accumulated interest. This bill would eliminate the requirement to pay that specified accumulated interest. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors AB 2759?
AB 2759 is sponsored by Levine.
What is the current status of AB 2759?
This bill has been enacted into law. Introduced February 19, 2016. Enacted.
Where can I track AB 2759?
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