California 2015-2016 Regular Session Status: In Committee

SB 577 — Securities: qualification: exemptions.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2015-2016 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, the Corporate Securities Law of 1968, requires the offer and sale of securities in the state to be qualified with the Commissioner of Business Oversight, unless exempt. That law exempts specific securities or transactions from qualification, including, among others, any shares or memberships issued by a consumer cooperative corporation, provided the aggregate investment of any shareholder or member does not exceed $300. This bill would increase the aggregate investment amount for the exemption for qualification of shares or memberships in a consumer cooperative corporation from $300 to $1,000. The bill would exempt from qualification the offer or sale of any security in a transaction that meets specified requirements that include, among others, that the aggregate amount sold to all investors within 12 months does not exceed $500,000, or a percentage of the amounts raised by the offering be allocated to acquiring either an interest in real property used for agricultural purposes or to purchase solar photovoltaic panels, wind turbines, or other necessary equipment. The bill would authorize the commissioner to by rule require specified issuers to file a notice of transaction, and if the issuer fails to file that notice, to pay a specified fee to the commissioner. The bill would change references throughout these provisions from husband and wife to spouses, generally.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. April 28 set for first hearing canceled at the request of author.

  3. From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.

  4. Set for hearing April 28.

  5. From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 0. Page 617.) (April 15). Re-referred to Com. on JUD.

  6. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.

  7. Set for hearing April 15.

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

  9. From printer. May be acted upon on or after March 29.

  10. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Hueso · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Hueso

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.

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Votes

Subjects

finance agriculture energy
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Frequently asked questions

What does SB 577 do?
Existing law, the Corporate Securities Law of 1968, requires the offer and sale of securities in the state to be qualified with the Commissioner of Business Oversight, unless exempt. That law exempts specific securities or transactions from qualification, including, among others, any shares or memberships issued by a consumer cooperative corporation, provided the aggregate investment of any shareholder or member does not exceed $300. This bill would increase the aggregate investment amount for the exemption for qualification of shares or memberships in a consumer cooperative corporation from $300 to $1,000. The bill would exempt from qualification the offer or sale of any security in a transaction that meets specified requirements that include, among others, that the aggregate amount sold to all investors within 12 months does not exceed $500,000, or a percentage of the amounts raised by the offering be allocated to acquiring either an interest in real property used for agricultural purposes or to purchase solar photovoltaic panels, wind turbines, or other necessary equipment. The bill would authorize the commissioner to by rule require specified issuers to file a notice of transaction, and if the issuer fails to file that notice, to pay a specified fee to the commissioner. The bill would change references throughout these provisions from husband and wife to spouses, generally.
Who sponsors SB 577?
SB 577 is sponsored by Hueso.
What is the current status of SB 577?
This bill died with 2015-2016 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 SB 577?
Track SB 577 free on One Click Politics — get push/email alerts when it moves.

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