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<ns0:Id>20250AB__279599INT</ns0:Id>
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<ns0:Action>
<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-03-19</ns0:ActionDate>
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<ns0:LegislativeInfo>
<ns0:SessionYear>2025</ns0:SessionYear>
<ns0:SessionNum>0</ns0:SessionNum>
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<ns0:MeasureNum>2795</ns0:MeasureNum>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Committee on Banking and Finance</ns0:AuthorText>
<ns0:Authors>
<ns0:Committee>
<ns0:Contribution>LEAD_AUTHOR</ns0:Contribution>
<ns0:House>ASSEMBLY</ns0:House>
<ns0:Name>Committee on Banking and Finance</ns0:Name>
<ns0:Members/>
</ns0:Committee>
</ns0:Authors>
<ns0:Title> An act to amend Sections 31210 and 31526 of the Corporations Code, to repeal Division 15.5 (commencing with Section 32000) of the Financial Code, and to amend Section 16430 of the Government Code, relating to finance.</ns0:Title>
<ns0:RelatingClause>finance</ns0:RelatingClause>
<ns0:GeneralSubject>
<ns0:Subject>Financial institutions: franchises, state funds, and securities. </ns0:Subject>
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<ns0:DigestText>
<html:p>
(1)
<html:span class="EnSpace"/>
Existing law, the Franchise Investment Law, generally provides for the regulation of the offer and sale of franchises and requires the Commissioner of Financial Protection and Innovation to maintain a risk-based process of reviewing franchise applications with emphasis on risks associated with the franchisor’s financial condition, the franchisor’s compliance record, and significant deficiencies with the franchisor’s application. Existing law requires certain written disclosures under that law to be signed and verified, under penalty of perjury.
</html:p>
<html:p>Existing law makes it unlawful for a person to effect or attempt to effect a sale of a franchise in this state unless the person meets certain criteria, including being identified in Item 2 of a franchise disclosure document submitted with an application or
amended application filed with the commissioner, as specified.</html:p>
<html:p>This bill would remove the above-described specific reference to Item 2 of a franchise disclosure document.</html:p>
<html:p>Existing law creates an exception to this unlawful franchise sale provision for specified transactions that are separately identified as exemptions under the Franchise Investment Law. These exemptions extend to transactions for which a franchisor complies with certain minimum net worth, experience, disclosure, and notice filing requirements.</html:p>
<html:p>This bill would recast that provision to, instead, specify that it does not apply to those exempt transactions, unless the person effecting or attempting to effect the sale of a franchise in this state is a franchise broker. The bill would make other related changes. By expanding the crime of perjury, the bill
would impose a state-mandated local program. </html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
The State Assistance Fund for Enterprise Act of 1989 authorizes the creation of a nonprofit corporation called the State Assistance Fund for Enterprise, Business and Industrial Development Corporation for the general purpose of enhancing the availability of financial assistance for small businesses in California. The act requires the State Controller to establish a separate account in the General Fund entitled the State Enterprise Loan Fund, which is continuously appropriated for purposes of the act.
</html:p>
<html:p>This bill would repeal that act. </html:p>
<html:p>
(3)
<html:span class="EnSpace"/>
Existing law specifies the types of securities that are eligible for the investment of surplus state funds, which include, among other things, bonds, notes, or other obligations of a local
government of this state. Existing law requires those local bonds, notes, or other obligations to be within the top 3 ratings of a nationally recognized statistical rating organization.
</html:p>
<html:p>Existing law also provides that an eligible security for the investment of surplus state funds includes bonds, debentures, and notes issued by corporations organized and operating with the United States and requires that those securities be within the top 3 ratings of a nationally recognized statistical rating organization.</html:p>
<html:p>This bill would instead require those local bonds, notes, or other obligations and corporate bonds, debentures, and notes to be rated in a rating category of “A” or its equivalent or better by such an organization to be eligible for investment.</html:p>
<html:p>Existing law provides that an eligible security for the investment of surplus state funds includes bonds, notes, warrants, and other
securities not in default that are the direct obligations of the government of a foreign country, as described, if the securities are rated investment grade, or its equivalent or better, by a nationally recognized statistical rating organization.</html:p>
<html:p>This bill would instead require the securities to be rated in a rating category of “AA” or its equivalent or better.</html:p>
<html:p>Existing law provides that an eligible security for the investment of surplus state funds includes commercial paper of “prime” quality, as defined by a nationally recognized statistical rating organization that rates these securities, that also meets certain conditions. Under existing law, those conditions include, among other things, that the paper not exceed 270 days maturity and, at the request of the Pooled Money Investment Board, is secured by the issuer by depositing with the Treasurer certain authorized securities of a market value at least 10% in excess of
the amount of the state’s investment (authorized securities condition).</html:p>
<html:p>This bill would instead require that the paper be of “prime” quality of the highest ranking or of the highest letter and number rating, as defined by a statistical rating organization, and not exceed 397 days maturity. The bill would also remove the authorized securities condition. The bill would also make nonsubstantive changes.</html:p>
<html:p>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.</html:p>
<html:p>This bill would provide that no reimbursement is required by this act for a specified reason.</html:p>
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<ns0:DigestKey>
<ns0:VoteRequired>MAJORITY</ns0:VoteRequired>
<ns0:Appropriation>NO</ns0:Appropriation>
<ns0:FiscalCommittee>YES</ns0:FiscalCommittee>
<ns0:LocalProgram>YES</ns0:LocalProgram>
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<ns0:ImmediateEffect>NO</ns0:ImmediateEffect>
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<ns0:Election>NO</ns0:Election>
<ns0:UsualCurrentExpenses>NO</ns0:UsualCurrentExpenses>
<ns0:BudgetBill>NO</ns0:BudgetBill>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
<ns0:BillSection id="id_3DEF8C27-6E81-4345-B277-5F44F671A1A8">
<ns0:Num>SECTION 1.</ns0:Num>
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Section 31210 of the
<ns0:DocName>Corporations Code</ns0:DocName>
is amended to read:
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<ns0:Num>31210.</ns0:Num>
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<html:p>
(a)
<html:span class="EnSpace"/>
It is unlawful for any person to effect or attempt to effect a sale of a franchise in this state unless that person is any of the following:
</html:p>
<html:p>
(1)
<html:span class="EnSpace"/>
Identified in an application or amended application filed with the commissioner pursuant to Part 2 (commencing with Section 31100) of this division.
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
Licensed by the Department of Real Estate as a real estate broker or real estate salesperson.
</html:p>
<html:p>
(3)
<html:span class="EnSpace"/>
Licensed by the commissioner as a broker-dealer or agent pursuant to the Corporate Securities Law of 1968.
</html:p>
<html:p>
(4)
<html:span class="EnSpace"/>
Registered as a franchise broker pursuant to Part 7 (commencing with Section 31520).
</html:p>
<html:p>
(b)
<html:span class="EnSpace"/>
This section does not apply to transactions exempted under Chapter 1 (commencing with Section 31100) of Part 2 of this division, unless the person effecting or attempting to effect the sale of a franchise in this state is a franchise broker.
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<ns0:Num>SEC. 2.</ns0:Num>
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Section 31526 of the
<ns0:DocName>Corporations Code</ns0:DocName>
is amended to read:
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<ns0:LawSection id="id_3078A42E-4041-4F8E-A19D-C16FAF2801AA">
<ns0:Num>31526.</ns0:Num>
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<html:p>
(a)
<html:span class="EnSpace"/>
It is unlawful for a franchise broker to communicate with a prospective franchisee about investing in a franchise opportunity that is subject to this law unless the franchise broker first provides to the prospective franchisee a copy of the completed Uniform Franchise Broker Disclosure Document.
</html:p>
<html:p>
(b)
<html:span class="EnSpace"/>
A franchise broker may provide the Uniform Franchise Broker Disclosure Document to a prospective franchisee through electronic means, subject to any requirements or conditions imposed by the
commissioner.
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<ns0:Num>SEC. 3.</ns0:Num>
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Division 15.5 (commencing with Section 32000) of the
<ns0:DocName>Financial Code</ns0:DocName>
is repealed.
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<ns0:Num>SEC. 4.</ns0:Num>
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Section 16430 of the
<ns0:DocName>Government Code</ns0:DocName>
is amended to read:
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<ns0:LawSection id="id_B14B0A0E-AE96-4FEE-9E50-A1BAC10CB7E6">
<ns0:Num>16430.</ns0:Num>
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<ns0:Content>
<html:p>Eligible securities for the investment of surplus moneys shall be any of the following:</html:p>
<html:p>
(a)
<html:span class="EnSpace"/>
Bonds or interest-bearing notes or obligations of the United States, or those for which the faith and credit of the United States are pledged for the payment of principal and interest.
</html:p>
<html:p>
(b)
<html:span class="EnSpace"/>
Bonds or interest-bearing notes or obligations that are issued by or fully guaranteed as to principal and interest by a federal agency or a United States government-sponsored enterprise, as defined by the Omnibus Budget Reconciliation Act of 1990 (Sec. 13112, Public Law 101-508; 2 U.S.C. Sec. 622(8)).
</html:p>
<html:p>
(c)
<html:span class="EnSpace"/>
Bonds, notes, or other obligations of this state, or those for which the faith
and credit of this state are pledged for the payment of principal and interest.
</html:p>
<html:p>
(d)
<html:span class="EnSpace"/>
(1)
<html:span class="EnSpace"/>
Bonds, notes, or other obligations of a local government of this state, including, but not limited to, any of the following:
</html:p>
<html:p>
(A)
<html:span class="EnSpace"/>
A county.
</html:p>
<html:p>
(B)
<html:span class="EnSpace"/>
A city.
</html:p>
<html:p>
(C)
<html:span class="EnSpace"/>
A city and county.
</html:p>
<html:p>
(D)
<html:span class="EnSpace"/>
A metropolitan water district.
</html:p>
<html:p>
(E)
<html:span class="EnSpace"/>
A water district.
</html:p>
<html:p>
(F)
<html:span class="EnSpace"/>
A water storage district.
</html:p>
<html:p>
(G)
<html:span class="EnSpace"/>
An irrigation district.
</html:p>
<html:p>
(H)
<html:span class="EnSpace"/>
A municipal utility district.
</html:p>
<html:p>
(I)
<html:span class="EnSpace"/>
A school district.
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
Bonds, notes, or other obligations eligible for investment pursuant to this subdivision shall be rated in rating category of “A” or its equivalent or better by a nationally recognized statistical rating organization.
</html:p>
<html:p>
(e)
<html:span class="EnSpace"/>
Bonds, debentures, or other obligations of any of the following:
</html:p>
<html:p>
(1)
<html:span class="EnSpace"/>
Issued by federal land banks or federal intermediate credit banks established under the Federal Farm Loan Act, as amended (12 U.S.C. Sec. 2001 et seq.).
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
Issued by the Central Bank for Cooperatives and banks for cooperatives established under the Farm Credit Act of 1933, as amended (12 U.S.C. Sec. 2001 et seq.).
</html:p>
<html:p>
(3)
<html:span class="EnSpace"/>
Issued by the Federal Home Loan Bank established under the Federal Home Loan Bank Act (12 U.S.C. Sec. 1421 et seq.).
</html:p>
<html:p>
(4)
<html:span class="EnSpace"/>
Issued by the Federal National Mortgage Association established under the National Housing Act, as amended (12 U.S.C. Sec. 1701 et seq.).
</html:p>
<html:p>
(5)
<html:span class="EnSpace"/>
Issued by the Federal Home Loan Mortgage Corporation.
</html:p>
<html:p>
(6)
<html:span class="EnSpace"/>
Issued by the Tennessee Valley Authority under the Tennessee Valley Authority Act, as amended (16 U.S.C. Sec. 831 et seq.).
</html:p>
<html:p>
(7)
<html:span class="EnSpace"/>
Guaranteed by the Commodity Credit Corporation for the export of California agricultural products under the Commodity Credit Corporation Charter Act, as amended (15 U.S.C. Sec. 714 et seq.).
</html:p>
<html:p>
(f)
<html:span class="EnSpace"/>
Bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as an advanced economy and for which the full faith and
credit of that country has been pledged for the payment of principal and interest, if the securities are rated in a rating category of “AA” or its equivalent, or better, by a nationally recognized statistical rating organization. Securities eligible for investment pursuant to this subdivision shall satisfy all of the following:
</html:p>
<html:p>
(1)
<html:span class="EnSpace"/>
Be United States dollar denominated with a maximum maturity of five years or less, and eligible for purchase and sale within the United States.
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
The combined par value of all of the investments authorized by this subdivision do not exceed 1 percent of the total par value of Pooled Money Investment Account assets at the time of purchase.
</html:p>
<html:p>
(3)
<html:span class="EnSpace"/>
The government of the foreign country issuing the securities submits to the jurisdiction of a federal or state court in the United States when disputes arise related to the investments.
</html:p>
<html:p>
(g)
<html:span class="EnSpace"/>
(1)
<html:span class="EnSpace"/>
Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as defined by a nationally recognized statistical rating organization that rates these securities, if the commercial paper is issued by a federally or state-chartered bank or a state-licensed branch of a foreign bank, corporation, trust, or limited liability company that is approved by the Pooled Money Investment Board as meeting the conditions specified in either subparagraph (A) or subparagraph (B):
</html:p>
<html:p>
(A)
<html:span class="EnSpace"/>
Both of the following conditions:
</html:p>
<html:p>
(i)
<html:span class="EnSpace"/>
Organized and operating within the United States.
</html:p>
<html:p>
(ii)
<html:span class="EnSpace"/>
Having total assets in excess of five hundred million dollars ($500,000,000).
</html:p>
<html:p>
(B)
<html:span class="EnSpace"/>
Both of the following conditions:
</html:p>
<html:p>
(i)
<html:span class="EnSpace"/>
Organized within the United States as a federally or state-chartered bank or a state-licensed branch of a foreign bank, special purpose corporation, trust, or limited liability company.
</html:p>
<html:p>
(ii)
<html:span class="EnSpace"/>
Having programwide credit enhancements including, but not limited to, overcollateralization, letters of credit, or surety bond.
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
A purchase of eligible commercial paper shall not do any of the following:
</html:p>
<html:p>
(A)
<html:span class="EnSpace"/>
Exceed 397 days maturity.
</html:p>
<html:p>
(B)
<html:span class="EnSpace"/>
Represent more than 10 percent of the outstanding paper of an issuing federally or state-chartered bank or a state-licensed branch of a foreign bank, corporation, trust, or limited liability company.
</html:p>
<html:p>
(C)
<html:span class="EnSpace"/>
Exceed 30 percent of the resources of an investment program.
</html:p>
<html:p>
(h)
<html:span class="EnSpace"/>
Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as banker’s acceptances, that are eligible for purchase by the Federal Reserve System.
</html:p>
<html:p>
(i)
<html:span class="EnSpace"/>
Negotiable certificates of deposits issued by a federally or state-chartered bank or savings and loan association, a state-licensed branch of a foreign bank, or a federally or state-chartered credit union. For the purposes of this section, negotiable certificates of deposits are not subject to Chapter 4 (commencing with Section 16500) and Chapter 4.5 (commencing with Section 16600).
</html:p>
<html:p>
(j)
<html:span class="EnSpace"/>
The portion of bank loans and obligations guaranteed by the United States Small Business Administration or the United States Farmers Home Administration.
</html:p>
<html:p>
(k)
<html:span class="EnSpace"/>
Bank loans and obligations
guaranteed by the Export-Import Bank of the United States.
</html:p>
<html:p>
(l)
<html:span class="EnSpace"/>
Student loan notes insured under the Guaranteed Student Loan Program established pursuant to the Higher Education Act of 1965, as amended (20 U.S.C. Sec. 1001 et seq.) and eligible for resale to the Student Loan Marketing Association established pursuant to Section 133 of the Education Amendments of 1972, as amended (20 U.S.C. Sec. 1087-2).
</html:p>
<html:p>
(m)
<html:span class="EnSpace"/>
Obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the International Finance Corporation, the Government Development Bank for Puerto Rico, the European Bank for Reconstruction and Development, or the European Investment Bank.
</html:p>
<html:p>
(n)
<html:span class="EnSpace"/>
Bonds, debentures, and notes issued by
corporations organized and operating within the United States. Securities eligible for investment pursuant to this subdivision shall be rated in a rating category of “A” or its equivalent or better by a nationally recognized statistical rating organization.
</html:p>
<html:p>
(o)
<html:span class="EnSpace"/>
Negotiable Order of Withdrawal Accounts (NOW Accounts), invested in accordance with Chapter 4 (commencing with Section 16500).
</html:p>
<html:p>
(p)
<html:span class="EnSpace"/>
Shares of any money market mutual fund subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, provided that all of the following conditions are met:
</html:p>
<html:p>
(1)
<html:span class="EnSpace"/>
The money market mutual fund invests in securities and obligations described in one or more of the following: subdivision (a), (b), or (e) of this section or repurchase agreements or reverse repurchase agreements described in Section 16480.4.
</html:p>
<html:p>
(2)
<html:span class="EnSpace"/>
The financial institution issuing shares of the money market mutual fund has at least five years of experience investing in the types of securities and obligations being purchased by the state and has assets under management in the money market mutual fund in excess of ten billion dollars ($10,000,000,000).
</html:p>
<html:p>
(3)
<html:span class="EnSpace"/>
The money market mutual fund has attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations.
</html:p>
<html:p>
(4)
<html:span class="EnSpace"/>
The financial institution does not impose a commission
on the purchase or sale of fund shares by the state.
</html:p>
<html:p>
(5)
<html:span class="EnSpace"/>
The state does not purchase more than 10 percent of a money market mutual fund’s total assets.
</html:p>
<html:p>
(6)
<html:span class="EnSpace"/>
The state does not invest more than 10 percent of the Pooled Money Investment Account’s funds in any single money market mutual fund meeting the requirements of this subdivision.
</html:p>
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<ns0:Num>SEC. 5.</ns0:Num>
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<html:p>
No reimbursement is required by this act pursuant to Section 6 of Article XIII
<html:span class="ThinSpace"/>
B of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIII
<html:span class="ThinSpace"/>
B of the California Constitution.
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