DIVISION 4.5. COMMODITIES [29500. - 29567.]
Division 4.5 added by Stats. 1990, Ch. 969, Sec. 2.
§§ 29500–29567 · 47 sections
CHAPTER 1. Definitions §§ 29500–29516 · 18 sections
- § 29500 This division shall be known and may be cited as the “California Commodity Law of 1990.” References herein to “this law” refer to the applicable provisions of…
- § 29501 “Board of trade” means any person or group of persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether the…
- § 29502 “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.
- § 29503 “Commissioner” means the Commissioner of Financial Protection and Innovation.
- § 29504 “Commodity” means, except as otherwise specified by the commissioner by rule or order, any agricultural, grain, or livestock product or byproduct, any metal or…
- § 29505 (a) “Commodity contract” means any account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use…
- § 29506 “Commodity Exchange Act” means the federal statute so named, as amended before or after January 1, 1991.
- § 29507 “Commodity Futures Trading Commission” means the independent regulatory agency established by Congress to administer the Commodity Exchange Act.
- § 29508 “CFTC Rule” means any rule, regulation, or order of the Commodity Futures Trading Commission in effect on January 1, 1991, and all subsequent amendments,…
- § 29509 “Commodity merchant” means any of the following, as defined or described in the Commodity Exchange Act or by CFTC Rule: (a) Futures commission merchant. (b)…
- § 29510 “Commodity option” means any account, agreement, or contract giving a party thereto the right but not the obligation to purchase or sell one or more…
- § 29511 “Financial institution” means (a) a national bank or a bank or trust company incorporated under the laws of this state, (b) a federal savings and loan…
- § 29512 “Good funds” means the verified receipt of immediately available funds according to the applicable requirements of federal Regulation CC.
- § 29513 “Offer” includes every offer to sell, offer to purchase, or offer to enter into a commodity contract or commodity option.
- § 29514 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, an unincorporated…
- § 29515 “Precious metal” means the following in either coin, bullion, or other form: (a) Silver. (b) Gold. (c) Platinum. (d) Palladium. (e) Copper. (f) Other items…
- § 29515.5 “Purchase price” means all funds paid by or on behalf of a purchaser to a seller of a commodity contract or a commodity option (or to another person at the…
- § 29516 “Sale” or “sell” includes every sale, contract of sale, contract to sell, or disposition, for value.
CHAPTER 2. Unlawful Commodity Transactions § 29520 · 1 section
- § 29520 Except as otherwise provided in Section 29530, 29531, or 29532, no person shall sell or purchase or offer to sell or purchase any commodity under any commodity…
CHAPTER 3. Exemptions §§ 29530–29532 · 3 sections
- § 29530 (a) The prohibitions in Section 29520 shall not apply to any transaction offered by and in which any of the following persons (or any employee, officer, or…
- § 29531 The prohibitions in Section 29520 shall not apply to the following: (a) An account, agreement, or transaction within the exclusive regulatory jurisdiction of…
- § 29532 The commissioner may by rule or order prescribe the terms and conditions of all transactions and contracts covered by this law and exempt any person or…
CHAPTER 4. Unlawful Activities and Fraudulent Conduct §§ 29535–29538 · 4 sections
- § 29535 (a) No person shall engage in a trade or business or otherwise act as a commodity merchant unless the person (1) is registered or temporarily licensed with the…
- § 29536 It is unlawful for any person, directly or indirectly, in connection with the purchase or sale of, the offer to sell, the offer to purchase, the offer to enter…
- § 29537 (a) Sections 29520, 29535, and 29536 apply to persons who sell or offer to sell when either of the following occur: (1) An offer to sell is made in this state.…
- § 29538 (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…
CHAPTER 5. Powers of the Commissioner §§ 29540–29546 · 7 sections
- § 29540 (a) Whenever it appears to the commissioner that any person has engaged, or is about to engage, in any act or practice constituting a violation of any…
- § 29541 (a) The commissioner in his or her discretion (1) may make public or private investigations within or outside of this state that the commissioner deems…
- § 29542 (a) If, in the opinion of the commissioner, any person is engaging or has engaged in any activity in violation of any provision of this law, or rule or order…
- § 29543 The commissioner may refer the evidence that is available concerning any violation of this law, or of any rule or order under this law, to the Attorney General…
- § 29544 (a) Any person who willfully violates any provision of this law, or who willfully violates any rule or order under this law, shall be liable for a civil…
- § 29545 (a) The commissioner may take actions that are authorized by Section 13a-2 of Title 7 of the United States Code (Section 6d of the federal Commodity Exchange…
- § 29546 The commissioner in his or her discretion may honor requests from interested parties for interpretive opinions.
CHAPTER 6. Crimes and Civil Liability §§ 29550–29555 · 6 sections
- § 29550 (a) Except as provided in subdivision (b), any person who willfully violates any provision of this law, or who willfully violates any rule or order under this…
- § 29551 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.
- § 29552 Any person who materially assists in any violation of this law, or any rule or order of the commissioner under this law, is jointly and severally liable with…
- § 29553 No action shall be maintained to enforce any liability under Section 29552 unless brought before the expiration of four years after the act or transaction…
- § 29554 Every cause of action under this law survives the death of any person who might have been a plaintiff or defendant.
- § 29555 Except as explicitly provided in this law, no civil liability in favor of any private party shall arise against any person by implication from, or as a result…
CHAPTER 7. Miscellaneous Provisions §§ 29560–29567 · 8 sections
- § 29560 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…
- § 29561 The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out this law, and define any terms,…
- § 29562 In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
- § 29563 Every final order, decision, certificate, registration, or other official act of the commissioner is subject to judicial review in accordance with law.
- § 29564 Nothing in this law, shall impair, derogate, or otherwise affect the authority or powers of the commissioner under the Corporate Securities Law of 1968 (Part 3…
- § 29565 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…
- § 29566 Neither the commissioner nor any employee of the commissioner shall use any information which is filed with or obtained by the commissioner which is not public…
- § 29567 (a) The program established by this division shall be supported from funds appropriated by the Legislature from the State Corporations Fund. (b) The funds…