DIVISION 1. CORPORATE SECURITIES LAW OF 1968 [25000. - 25707.]
Division 1 repealed and added by Stats. 1968, Ch. 88.
§§ 25000–25707 · 201 sections
PART 1. DEFINITIONS §§ 25000–25023 · 31 sections
- § 25000 This division may be known as the “Corporate Securities Law of 1968.” References herein to “this law” refer to the applicable provisions of this division.
- § 25001 Unless the context otherwise requires, the definitions in this part apply throughout this division.
- § 25002 “Advertisement” means any written or printed communication or any communication by means of recorded telephone messages or spoken on radio, television, or…
- § 25003 (a) “Agent” means any individual, other than a broker-dealer or a partner of a licensed broker-dealer, who represents a broker-dealer or who for compensation…
- § 25003.5 “Business days” are all days other than every Saturday, every Sunday, and such other days as are specified or provided for as holidays in the Government Code…
- § 25004 (a) “Broker-dealer” means any person engaged in the business of effecting transactions in securities in this state for the account of others or for that…
- § 25005 “Commissioner” means the Commissioner of Financial Protection and Innovation.
- § 25005.1 “Entity conversion transaction” means a conversion pursuant to Section 1151, 1157, 15911.02, 15911.08, 16902, 16908, 17710.02, or 17710.08 or a conversion that…
- § 25006 “Fraud,” “deceit,” and “defraud” are not limited to common law fraud or deceit.
- § 25007 “Guaranteed” means guaranteed as to payment of principal, interest, dividends, or call premium.
- § 25008 (a) An offer or sale of a security is made in this state when an offer to sell is made in this state, or an offer to buy is accepted in this state, or (if both…
- § 25009 (a) “Investment adviser” means any person who, for compensation, engages in the business of advising others, either directly or through publications or…
- § 25009.1 “Investment adviser” does not include persons excepted from the definition of “investment adviser” by Section 202(a)(11) of the Investment Advisers Act of 1940…
- § 25009.5 (a) “Investment adviser representative” or “associated person of an investment adviser” means any partner, officer, director of (or a person occupying a…
- § 25010 “Issuer” means any person who issues or proposes to issue any security, except that: (a) With respect to certificates of deposit, voting trust certificates or…
- § 25011 “Nonissuer transaction” means any transaction not directly or indirectly for the benefit of the issuer. A transaction is indirectly for the benefit of the…
- § 25012 “Owners’ association” means a nonprofit corporation or association created to own or lease the commonly owned lots, parcels or areas referred to in clause (a)…
- § 25013 “Person” means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an…
- § 25014 “Publish” means publicly to issue or circulate by newspaper, mail, radio or television, or otherwise to disseminate to the public.
- § 25014.5 “Rollup participant” means a finite-life limited partnership. (a) Except as provided in subdivision (b) of Section 25014.6, a limited partnership has…
- § 25014.6 “Rollup transaction” means any transaction or series of transactions that directly or indirectly through acquisition or otherwise involves the combination or…
- § 25014.7 (a) “Eligible rollup transaction” means a rollup transaction in which the new securities issued are listed or approved for listing on a national securities…
- § 25015 “Real estate development” means a development (a) which consists or will consist of separately owned lots, parcels or areas with either or both of the…
- § 25016 “Rule” means any published regulation or standard of general application issued by the commissioner. “Order” means a consent, authorization, approval, permit,…
- § 25017 (a) “Sale” or “sell” includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. “Sale” or “sell”…
- § 25018 “Securities Act of 1933,” “Securities Exchange Act of 1934,” “Investment Advisers Act of 1940,” and “Investment Company Act of 1940” mean the federal statutes…
- § 25019 “Security” means any note; stock; treasury stock; membership in an incorporated or unincorporated association; bond; debenture; evidence of indebtedness;…
- § 25020 “State” means any state, territory, or possession of the United States, the District of Columbia and Puerto Rico.
- § 25021 “Subdivided lands” and “subdivision” have the meanings prescribed in Sections 11000, 11004.5, and 11218 of the Business and Professions Code.
- § 25022 “Underwriter” means a person who has agreed with an issuer or other person on whose behalf a distribution is to be made (a) to purchase securities for…
- § 25023 (a) Except as provided in subdivision (b), “viatical settlement contract” means an agreement entered into between a person owning a life insurance policy upon…
PART 2. QUALIFICATION OF AND FILING REQUIREMENTS FOR THE SALE OF SECURITIES §§ 25100–25166 · 47 sections
CHAPTER 1. Exemptions and Certain Securities and Transactions Not Subject to Qualification §§ 25100–25105 · 11 sections
- § 25100 The following securities are exempted from Sections 25110, 25120, and 25130: (a) Any security (including a revenue obligation) issued or guaranteed by the…
- § 25100.1 The following securities are not subject to Sections 25110, 25120, and 25130: (a) A security defined as a “covered security” pursuant to Section 18(b)(1) of…
- § 25101 The following securities are exempt from the provisions of Section 25130: (a) Any security issued by a person that is the issuer of any security listed on a…
- § 25101.1 The following securities are not subject to Sections 25110, 25120, and 25130: (a) A security that is offered or sold in a transaction that is exempt from…
- § 25102 The following transactions are exempted from the provisions of Section 25110: (a) Any offer (but not a sale) not involving any public offering and the…
- § 25102.1 The following transactions are not subject to Sections 25110, 25120, and 25130: (a) Any offer or sale of a security to a “qualified purchaser” as that term is…
- § 25102.2 The commissioner shall require any issuer that is engaged in the business of purchasing, selling, financing, or brokering real estate, and that relies upon an…
- § 25102.5 There shall be exempted from Section 25110 a transaction that is the sale of a series of notes secured directly by an interest in the same real property, or…
- § 25103 The following transactions are exempted from the provisions of Section 25110 and Section 25120: (a) Any negotiations or agreements prior to general…
- § 25104 The following transactions are exempted from the provisions of Section 25130: (a) Any offer or sale of a security by the bona fide owner thereof for his or her…
- § 25105 There shall be exempted from the provisions of Section 25110, 25120 or 25130 any other transaction which the commissioner by rule exempts as not being…
CHAPTER 2. Issuer Transactions §§ 25110–25118 · 9 sections
- § 25110 It is unlawful for any person to offer or sell in this state any security in an issuer transaction (other than in a transaction subject to Section 25120),…
- § 25111 (a) Any security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be qualified by…
- § 25112 (a) Any security issued by a person which is the issuer of any security registered under Section 12 of the Securities Exchange Act of 1934 or issued, by an…
- § 25113 (a) All securities, whether or not eligible for qualification by coordination under Section 25111 or qualification by notification under Section 25112, may be…
- § 25114 Every qualification under this chapter is effective for 12 months from its effective date, unless the commissioner by order or rule specifies a different…
- § 25115 Every application for qualification of an issuer transaction under this chapter shall be signed and verified by the issuer; every application for qualification…
- § 25116 (a) An evidence of indebtedness issued pursuant to a qualification under this chapter or Chapter 3 (commencing with Section 25120), and the purchasers or…
- § 25117 (a) An evidence of indebtedness, and the purchasers or holders thereof, shall be exempt from the usury provisions of Section 1 of Article XV of the California…
- § 25118 (a) An evidence of indebtedness issued by an entity or guaranteed by an entity that is an affiliate (as defined in Section 150) of the borrower that, on the…
CHAPTER 3. Recapitalizations and Reorganizations §§ 25120–25122 · 3 sections
- § 25120 (a) Except as provided in subdivision (b), it is unlawful for any person to offer or sell in this state any security in any of the following manners: (1) In an…
- § 25121 The securities qualified for sale under this chapter shall be qualified by permit under this section. The application for the permit shall be signed and…
- § 25122 Qualification of securities under this chapter becomes effective upon the commissioner issuing a permit authorizing the issuance of such securities.
CHAPTER 4. Nonissuer Transactions §§ 25130–25134 · 5 sections
- § 25130 It is unlawful for any person to offer or sell any security in this state in any nonissuer transaction unless it is qualified for such sale under this chapter…
- § 25131 (a) The securities to be offered or sold in a nonissuer transaction, which are not eligible for qualification under Section 25111, shall be qualified by…
- § 25132 Every qualification under this chapter and every qualification of a nonissuer transaction under Section 25111 is effective for 12 months from its effective…
- § 25133 It is unlawful for any person without the written consent of the commissioner to consummate the sale or transfer of any securities heretofore or hereafter…
- § 25134 Every applicant seeking qualification for the sale of securities shall, upon request of the commissioner, furnish to the commissioner an authorization for…
CHAPTER 5. Authority of the Commissioner §§ 25140–25151 · 12 sections
- § 25140 (a) (1) The commissioner may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, any qualification of an underwritten…
- § 25141 The commissioner may impose as a condition of qualification under Chapter 2 (commencing with Section 25110) or Chapter 3 (commencing with Section 25120) of…
- § 25142 When application is made for a permit to issue securities or to deliver other consideration (whether or not the security or transaction is exempt from…
- § 25143 (a) The commissioner may by order summarily postpone or suspend the effectiveness of any qualification pending final determination of any proceeding under this…
- § 25144 The commissioner may vacate or modify a stop order if he finds that the conditions which caused its entry have changed or that it is otherwise in the public…
- § 25145 Every issuer qualifying securities for sale in this state shall at all times keep and maintain a complete set of books, records, and accounts of such sales and…
- § 25146 For a period of 18 months after the qualification is effective, the commissioner may by rule or order require an issuer who has filed an application to file…
- § 25147 The commissioner may by rule or order require as a condition of qualification that any security qualified under Section 25113 be sold only on a specified form…
- § 25148 Except in cases where the delivery of a prospectus or proxy statement is required under the Securities Act of 1933 or the Securities Exchange Act of 1934, the…
- § 25149 The commissioner may act as escrow holder for securities required to be deposited in escrow by his order.
- § 25150 The commissioner may accept and act upon the opinions, appraisements and reports of any engineers, appraisers, or other experts which may be presented by an…
- § 25151 (a) Upon the filing of a written request for the consent to transfer securities referred to in Section 25133, accompanied by such information and documents as…
CHAPTER 6. General Provisions §§ 25160–25166 · 7 sections
- § 25160 Every application for qualification shall state (1) the maximum amount of securities proposed to be offered in this state; and (2) any adverse order, judgment,…
- § 25161 Any document filed under this law or a predecessor statute may be incorporated by reference in a subsequent application or notice filing if it was filed within…
- § 25162 An amendment to an application filed after the effective date of the qualification of the sale of securities, if such amendment is approved by the…
- § 25163 In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
- § 25164 (a) Neither (1) the fact that an application for qualification under this law has been filed nor (2) the fact that such qualification has become effective…
- § 25165 Every applicant for qualification of the sale of securities under this law or every person filing an application or a notice under Sections 25100.1, 25101.1,…
- § 25166 It is unlawful for any person willfully to make any untrue statement of a material fact in any application, notice, or report filed with the commissioner under…
PART 3. REGULATION AND NOTICE FILING REQUIREMENTS OF AGENTS, BROKER-DEALERS, INVESTMENT ADVISER REPRESENTATIVES, AND INVESTMENT ADVISERS §§ 25200–25256 · 55 sections
CHAPTER 1. Exemptions §§ 25200–25209 · 9 sections
- § 25200 A broker-dealer registered under the Securities Exchange Act of 1934, who has not previously had any certificate denied or revoked under this law or any…
- § 25202 (a) An investment adviser shall not be subject to Section 25230 if (1) the investment adviser does not have a place of business in this state and (2) during…
- § 25203 A person whose only clients are insurance companies shall be exempted from the provisions of Section 25230.
- § 25204 The commissioner may by such rules as he deems necessary or appropriate in the public interest or for the protection of investors, either unconditionally or…
- § 25206 A broker licensed by the Real Estate Commissioner is exempt from the provisions of Section 25210 when engaged in transactions in any interest in any general or…
- § 25206.1 (a) For purposes of this section, a “finder” is a natural person who, for direct or indirect compensation, introduces or refers one or more accredited…
- § 25207 A financial institution that undertakes activities with respect to an investment company pursuant to the provisions of Section 1514, 6524, 14652.5, or 18022.5…
- § 25208 A person licensed as a capital access company under Division 3 (commencing with Section 28000) of Title 4 is exempt from the provisions of Section 25210 when…
- § 25209 Section 25210 shall not apply to an agent of an issuer when engaged in transactions exempted by subdivision (q) of Section 25102, provided that the agent is a…
CHAPTER 2. Licensing of Agents and Broker-Dealers §§ 25210–25221 · 15 sections
- § 25210 (a) Unless exempted under the provisions of Chapter 1 (commencing with Section 25200) of this part, no broker-dealer shall effect any transaction in, or induce…
- § 25211 (a) The application for a certificate as a broker-dealer shall be accompanied by the consent to service of process specified in Section 25240 and, unless filed…
- § 25211.5 A broker-dealer acting pursuant to a certificate which is then in effect and which is issued pursuant to Section 25211, shall be exempt from the usury…
- § 25212 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, deny a certificate to, suspend for a period not exceeding 12…
- § 25212.1 The commissioner may immediately revoke by order the certificate of any broker-dealer if the broker-dealer fails to comply with any currently effective order…
- § 25213 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or deny or bar…
- § 25213.3 The commissioner shall, after appropriate notices and opportunity for hearing, by order suspend, for a period not exceeding 12 months, or bar from any position…
- § 25214 (a) It is unlawful for any person, as to whom an order suspending or barring employment or control is in effect pursuant to Section 25213 or 25213.3, willfully…
- § 25215 No order may be entered under Section 25212, 25213, 25213.3, or 25252 except after notice to any person affected thereby (and, in the case of an agent, to his…
- § 25216 (a) No broker-dealer or agent shall effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in this state by means of…
- § 25217 (a) A broker-dealer licensed under this chapter shall not effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in…
- § 25218 No broker-dealer licensed under this chapter shall effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in this…
- § 25219 Notwithstanding any other provision of this division, if in his or her opinion the public interest and the protection of investors so require, the commissioner…
- § 25220 At any time after the issuance of an order under Section 25219, any interested person (including, but not limited to, the issuer of the security and any…
- § 25221 (a) Notwithstanding any other provision of law, a broker-dealer, or any affiliate thereof, licensed under this chapter, or any officer or employee thereof, may…
CHAPTER 3. Licensing and Notice Filing Requirements of Investment Adviser Representatives and Investment Advisers §§ 25230–25238 · 13 sections
- § 25230 (a) It is unlawful for any investment adviser to conduct business as an investment adviser in this state unless the investment adviser has first applied for…
- § 25230.1 (a) A person that is registered under Section 203 of the Investment Advisers Act of 1940 as an investment adviser is not subject to the requirement of…
- § 25231 (a) Any investment adviser, or any person who contemplates becoming an investment adviser, may apply for a certificate to act as an investment adviser by…
- § 25232 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, deny a certificate to, or suspend for a period not exceeding 12…
- § 25232.1 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar from any…
- § 25232.2 (a) It is unlawful for any person, as to whom an order suspending or revoking the person’s certificate as an investment adviser is in effect pursuant to…
- § 25232.3 The commissioner may immediately revoke the certificate of any investment adviser if the investment adviser fails to comply with any currently effective order…
- § 25233 No order may be entered under Section 25232, 25232.1, or 25252 except after notice to the person affected thereby of the intention of the commissioner to enter…
- § 25234 (a) No investment adviser licensed under this chapter shall in this state enter into, extend or renew any investment advisory contract, or in any way perform…
- § 25235 It is unlawful for any investment adviser, directly or indirectly, in this state: (a) To employ any device, scheme, or artifice to defraud any client or…
- § 25236 (a) No investment adviser licensed under this chapter shall conduct any business as such investment adviser in this state unless the investment adviser and all…
- § 25237 The commissioner shall prescribe rules with respect to investment advisers licensed under this chapter who have custody of their clients’ securities or funds…
- § 25238 No investment adviser licensed under this chapter and no natural person associated with the investment adviser shall engage in investment advisory activities,…
CHAPTER 4. General Provisions §§ 25240–25256 · 18 sections
- § 25240 Every applicant for a certificate as a broker-dealer or an investment adviser (other than a California corporation), and every investment adviser subject to…
- § 25241 (a) Every broker-dealer and every investment adviser licensed under Section 25230 shall make and keep accounts, correspondence, memorandums, papers, books, and…
- § 25242 (a) Surrender of a certificate as a broker-dealer or investment adviser becomes effective 30 days after receipt of an application to surrender that certificate…
- § 25243 It is unlawful for any person holding a certificate as a broker-dealer or investment adviser under this part to represent or imply in any manner whatsoever…
- § 25243.5 (a) A broker-dealer or investment adviser, or an agent or representative thereof, shall not use a senior-specific certification, credential, or professional…
- § 25244 Any person whose certificate as a broker-dealer or investment adviser has been suspended or revoked shall immediately surrender such certificate to the…
- § 25245 It is unlawful for any person willfully to make any untrue statement of a material fact in any application, notice, or report filed with the commissioner under…
- § 25246 It is unlawful for any agent or broker-dealer to require, as a condition to the purchase or sale of securities for and in the name of a married person, that…
- § 25247 (a) Upon written or oral request, the commissioner shall make available to any person the information specified in Section 7929.005 of the Government Code and…
- § 25248 (a) If the commissioner finds, as a result of any examination or investigation or from any report made to the commissioner, that any person subject to this…
- § 25249 If, after examination or investigation, the commissioner has reasonable grounds to believe that any broker-dealer or investment adviser is violating or has…
- § 25250 If, after examination or investigation, the commissioner has reasonable grounds to believe that any broker-dealer or investment adviser, other than an…
- § 25251 (a) No order issued pursuant to Section 25249 or 25250 may become final except after notice to the affected broker-dealer or investment adviser of the…
- § 25252 The commissioner may, after appropriate notice and opportunity for hearing, by orders, levy administrative penalties as follows: (a) Any person subject to this…
- § 25253 (a) Whenever it appears to the commissioner that any of the conditions specified in subdivision (b) has occurred with respect to any broker-dealer or…
- § 25254 (a) If the commissioner determines it is in the public interest, the commissioner may include in any administrative action brought under this part a claim for…
- § 25255 The civil, criminal, and administrative remedies available to the commissioner pursuant to this division are not exclusive, and may be sought and employed in…
- § 25256 (a) For any broker-dealer or investment adviser, a disciplinary action taken by the State of California, another state, an agency of the federal government, or…
PART 4. ADVERTISING SECURITIES §§ 25300–25302 · 3 sections
- § 25300 (a) No person shall publish any advertisement in this state concerning any security sold or offered for sale in this state unless a true copy of the…
- § 25301 All advertisements published by any broker-dealer that are exempted from filing by paragraph (1) or paragraph (6) of subdivision (b) of Section 25300 shall be…
- § 25302 (a) A person shall not publish any advertisement concerning any security in this state after the commissioner finds that the advertisement contains any…
PART 5. FRAUDULENT AND PROHIBITED PRACTICES §§ 25400–25404 · 5 sections
- § 25400 It is unlawful for any person, directly or indirectly, in this state: (a) For the purpose of creating a false or misleading appearance of active trading in any…
- § 25401 It is unlawful for any person to offer or sell a security in this state, or to buy or offer to buy a security in this state, by means of any written or oral…
- § 25402 It is unlawful for an issuer or any person who is an officer, director or controlling person of an issuer or any other person whose relationship to the issuer…
- § 25403 (a) Every person who with knowledge directly or indirectly controls and induces any person to violate any provision of this division or any rule or order…
- § 25404 (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible…
PART 6. ENFORCEMENT §§ 25500–25550 · 30 sections
CHAPTER 1. Civil Liability §§ 25500–25510 · 17 sections
- § 25500 Any person who willfully participates in any act or transaction in violation of Section 25400 shall be liable to any other person who purchases or sells any…
- § 25501 Any person who violates Section 25401 shall be liable to the person who purchases a security from, or sells a security to, that person, who may sue either for…
- § 25501.5 (a) (1) A person who purchases a security from or sells a security to a broker-dealer that is required to be licensed and has not, at the time of the sale or…
- § 25502 Any person who violates Section 25402 shall be liable to the person who purchases a security from him or sells a security to him, for damages equal to the…
- § 25502.5 (a) Any person other than the issuer who violates Section 25402 shall be liable to the issuer of the security purchased or sold in violation of Section 25402…
- § 25503 Any person who violates Section 25110, 25130, or 25133, or a condition of qualification under Chapter 2 (commencing with Section 25110) of this part, imposed…
- § 25504 Every person who directly or indirectly controls a person liable under Section 25501 or 25503, every partner in a firm so liable, every principal executive…
- § 25504.1 Any person who materially assists in any violation of Section 25110, 25120, 25130, 25133, or 25401, or a condition of qualification under Chapter 2 (commencing…
- § 25504.2 (a) Any accountant, engineer, appraiser, or other person whose profession gives authority to a statement made by such person, who pursuant to rule of the…
- § 25505 A corporation which is liable under this chapter shall have a right of indemnification against any of its principal executive officers, directors, and…
- § 25506 (a) For proceedings commencing before January 1, 2005, no action shall be maintained to enforce any liability created under Section 25500, 25501, or 25502 (or…
- § 25506.1 No action shall be maintained to enforce any liability created under Section 25504.2 unless brought within one year after the discovery of the facts…
- § 25507 (a) No action shall be maintained to enforce any liability created under Section 25503 (or Section 25504 or Section 25504.1 insofar as they relate to that…
- § 25508 No action shall be maintained to enforce any right of indemnification or contribution created by Section 25505 unless brought before the expiration of one year…
- § 25508.5 In addition to any other rights provided for under this division, including, but not limited to, Sections 25501 and 25506, or otherwise, a person who purchases…
- § 25509 Every cause of action under this chapter survives the death of any person who might have been a plaintiff or defendant.
- § 25510 Except as explicitly provided in this chapter, no civil liability in favor of any private party shall arise against any person by implication from or as a…
CHAPTER 2. Powers of the Commissioner §§ 25530–25536 · 9 sections
- § 25530 (a) Whenever it appears to the commissioner that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of…
- § 25530.1 In any proceeding under Section 25530, the court may prohibit, conditionally or unconditionally, and permanently or for such period of time as it shall…
- § 25531 (a) The commissioner in his discretion (1) may make such public or private investigations within or outside of this state as he deems necessary to determine…
- § 25532 (a) If, in the opinion of the commissioner, (1) the sale of a security is subject to qualification under this law and it is being or has been offered or sold…
- § 25533 The commissioner may refer any evidence available concerning any violation of this law or of any rule or order hereunder to the Attorney General or the…
- § 25533.5 The commissioner shall send a copy of a desist and refrain order issued under this law to the Attorney General and the district attorney of the county in which…
- § 25534 Whenever any securities are issued which the commissioner determines were offered or sold in violation of Section 25110, 25120, or 25130, the commissioner may,…
- § 25535 (a) Any person who violates any provision of this law, or who violates any rule or order under this law, shall be liable for a civil penalty not to exceed…
- § 25536 (a) The commissioner may take such actions as are authorized by Section 6d of the federal Commodity Exchange Act (7 U.S.C. Sec. 1 et seq.) as amended before or…
CHAPTER 3. Crimes §§ 25540–25542 · 3 sections
- § 25540 (a) Except as provided for in subdivision (b), any person who willfully violates any provision of this division, or who willfully violates any rule or order…
- § 25541 (a) Any person who willfully employs, directly or indirectly, any device, scheme, or artifice to defraud in connection with the offer, purchase, or sale of any…
- § 25542 Nothing in this law limits the power of the state to punish any person for any conduct which constitutes a crime under any other statute.
CHAPTER 4. Service of Process § 25550 · 1 section
- § 25550 When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this law or any rule or order hereunder, whether…
PART 7. ADMINISTRATION §§ 25604–25620 · 22 sections
- § 25604 The administration and enforcement of, and the education of the public relative to, the laws and programs of the Department of Financial Protection and…
- § 25605 (a) The commissioner may publish any information filed with him or obtained by him, if, in the judgment of the commissioner, such action is in the public…
- § 25606 (a) The Attorney General shall render to the commissioner opinions upon all questions of law, relating to the construction or interpretation of any law under…
- § 25607 (a) Neither the commissioner nor any of the commissioner’s assistants, clerks, or deputies shall be interested as a director, officer, shareholder, member…
- § 25608 (a) The commissioner shall charge and collect the fees fixed in this section and Section 25608.1. All fees charged and collected under this section and Section…
- § 25608.1 (a) The fee for an investment company filing a notice pursuant to subdivision (b) of Section 25100.1 is two hundred dollars ($200) plus one-fifth of 1 percent…
- § 25608.2 Commencing July 1, 2000, the fee provisions of subdivision (c) of Section 25608, as they apply to the fee for filing a notice pursuant to paragraph (4) of…
- § 25608.3 (a) Notwithstanding Sections 25608 and 25608.1, the commissioner may set any fee under those sections at an amount below the maximum fee set forth in those…
- § 25609 Every final order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
- § 25610 The commissioner may from time to time make, amend and rescind such rules, forms, and orders as are necessary to carry out the provisions of this law,…
- § 25611 The commissioner may prepare and make available to interested persons lists of persons whose securities are qualified for trading purposes in this state, are…
- § 25612 No rule, form or order may be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest or…
- § 25612.3 Unless otherwise provided by rule, the commissioner shall require the use of the following forms: (a) Form BD (Uniform Application for Broker-Dealer…
- § 25612.5 (a) To encourage uniform interpretation and administration of this law and the Franchise Investment Law (Division 5 (commencing with Section 31000)) and…
- § 25613 The commissioner may by rule or order prescribe (1) the form and content of financial statements required under this law, (2) the circumstances under which…
- § 25614 All rules of the commissioner (other than those relating solely to the internal administration of the Department of Financial Protection and Innovation) shall…
- § 25615 A document is filed when it is received by the commissioner; but no qualification of the sale of securities shall become effective until the appropriate fee…
- § 25616 The commissioner shall keep an index of all qualifications which are or have ever been effective, all denial, suspension, or revocation orders which have been…
- § 25617 Upon request and at such reasonable charges as he prescribes by rule, the commissioner shall furnish to any person photostatic or other copies (certified under…
- § 25618 The commissioner in his discretion may honor requests from interested persons for interpretive opinions.
- § 25619 (a) The commissioner may destroy any applications, notices, orders, permits, and revoked or surrendered certificates, together with the files and folders, as…
- § 25620 (a) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic…
PART 8. GENERAL PROVISIONS §§ 25700–25707 · 8 sections
- § 25700 No provision of this law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written…
- § 25701 Any condition, stipulation or provision purporting to bind any person acquiring any security to waive compliance with any provision of this law or any rule or…
- § 25702 Whenever a person is entitled under this law to a hearing in accordance with the provisions of the Administrative Procedure Act, Chapter 5 (commencing with…
- § 25703 If any provision of this law or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or…
- § 25704 (a) Except as expressly provided in this section, prior law exclusively governs all suits, actions, prosecutions or proceedings which are pending or may be…
- § 25705 All references to “the Corporate Securities Law” in any code or statute of the State of California shall hereafter be deemed to be references to the Corporate…
- § 25706 (a) All effective permits, orders, and consents under the Real Estate Syndicate Act, all administrative orders relating to the Real Estate Syndicate Act, and…
- § 25707 (a) All permits and orders issued under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code,…