California

Corporations Code

2,433 sections, each with the official text and a plain-English explanation of what it means for you.

• § 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 exempt from qualification, or are not subj
• § 25612 — No rule, form or order may be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest or for the protection of investors and consis
• § 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 Registration) for a broker-dealer application.
• § 25612.5 — (a) To encourage uniform interpretation and administration of this law and the Franchise Investment Law (Division 5 (commencing with Section 31000)) and effective securities and franchise regulation a
• § 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 consolidated financial statements shall be f
• § 25614 — All rules of the commissioner (other than those relating solely to the internal administration of the Department of Financial Protection and Innovation) shall be made, amended, or rescinded in accorda
• § 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 has been paid.
• § 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 entered and all permits and certificates
• § 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 his seal of office if requested) of any
• § 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 useless or obsolete, four years after the
• § 25620 — (a) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic signatures.
• § 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 interpretive opinion of the commissioner,
• § 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 order hereunder is void.
• § 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 Section 11500) of Part 1 of Division 3 of Ti
• § 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 applications of this law which can be given e
• § 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 initiated on the basis of facts or circumsta
• § 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 Securities Law of 1968.
• § 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 all conditions imposed upon the Real Estat
• § 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, and all conditions imposed pursuant to thos
• § 2600 — (a) One or more natural persons, partnerships, associations, social purpose corporations, or corporations, domestic or foreign, may form a social purpose corporation under this division by executing a
• § 2600.5 — (a) An existing business association organized as a trust under the laws of this state or of a foreign jurisdiction may incorporate under this division upon approval by its board of trustees or simila
• § 2601 — (a) The Secretary of State shall not file articles setting forth a name in which “bank,” “trust,” “trustee,” or related words appear, unless the certificate of approval of the Commissioner of Financia
• § 2602 — The articles of incorporation shall set forth: (a) The name of the social purpose corporation that shall contain the words “social purpose corporation” or an abbreviation of those words.
• § 2603 — The articles of incorporation may set forth: (a) Any or all of the following provisions, which shall not be effective unless expressly provided in the articles: (1) Granting, with or without limitatio
• § 2604 — Subject to any limitation contained in the articles, to compliance with any other applicable laws, and to consistency with the special purpose of the social purpose corporation, any social purpose cor
• § 2605 — Subject to any limitations contained in the articles, to compliance with other provisions of this division and any other applicable laws, and to consistency with the special purpose of the social purp
• § 2700 — (a) A director shall perform the duties of a director, including duties as a member of any committee of the board upon which the director may serve, in good faith, in a manner the director believes to
• § 27000 — Unless the provision or the context otherwise indicates, and except as expressly otherwise provided in this chapter, words used in this division have the meanings prescribed in Part 1 (commencing with
• § 27001 — As used in this division “security” includes all of the things enumerated in Section 25019 and also includes shares, stock, and investment certificates as defined in the Savings Association Law.
• § 27002 — (a) As used in this division, “individual” includes every natural person, domestic or foreign private corporation, nonprofit corporation, unincorporated association, company, partnership of whatever k
• § 27003 — If any provision of this division, or the application thereof to any person or circumstance, is held invalid, the remainder of this division, or the application of such provision to other persons or c
• § 2701 — (a) Subject to Section 2700, directors of a social purpose corporation who approve any of the following corporate actions shall be jointly and severally liable to the social purpose corporation for th
• § 2702 — (a) For the purposes of this section: (1) “Agent” means any person who is or was a director, officer, employee, or other agent of the social purpose corporation, or is or was serving at the request of
• § 27100 — Any individual who, within this state, solicits, receives, collects, or solicits any subscription or contract to pay, any contributions, fees, funds, or compensation of any kind, from any owner or hol
• § 27101 — It is unlawful for any individual, directly or indirectly, in connection with the solicitation, receipt, or collection of, or solicitation of any subscription or contract to pay any contributions, fee
• § 27200 — Every individual who solicits, receives, collects, or contracts for the payment of, any contributions, fees, funds, or compensation of any kind, in violation of this division, is civilly liable for th
• § 27201 — No action shall be maintained to enforce any liability created under Section 27200 unless brought before the expiration of two years after the violation upon which it is based or the expiration of one
• § 27202 — Every individual who willfully violates Section 27101 is guilty of a public offense punishable by a fine not exceeding two hundred fifty thousand dollars ($250,000), or by imprisonment pursuant to sub
• § 27500 — For purposes of this chapter, the following definitions apply: (a) “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 27501 — (a) (1) Commencing March 1, 2026, a covered entity shall submit to the department the following information in a manner prescribed by the department: (A) The name of the covered entity.
• § 27502 — (a) (1) The department shall make the reports received pursuant to subdivision (b) of Section 27501 readily accessible, easily searchable, and easily downloadable on the department’s internet website.
• § 27503 — With respect to the investigative powers of the commissioner under this chapter, the commissioner may do the following at their discretion: (a) Make public or private investigations within or outside
• § 27504 — (a) With respect to the enforcement powers of the commissioner and the department under this chapter, all of the following apply: (1) The commissioner may take any action authorized by this chapter ag
• § 27505 — (a) (1) If, after an order has been served pursuant to Section 27504, a request for hearing is filed in writing within 30 days of the date of service of the order on the covered entity, a hearing shal
• § 27506 — (a) The commissioner may make, amend, and rescind any rules, forms, and orders as are necessary to carry out the provisions of this chapter, including rules and forms governing applications and report
• § 2800 — (a) All certificates representing shares of a social purpose corporation shall contain, in addition to any other statements required by this section, the following conspicuous language on the face of
• § 28000 — This division shall be known and may be cited as the “Capital Access Company Law.
• § 28001 — This division shall be liberally construed to accomplish its purposes.
• § 28002 — The provisions of the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000) of Title 4) shall apply to licensees.
• § 28003 — The Legislature finds all of the following: (a) It is necessary to increase job opportunities in the state.
• § 28004 — (a) The purpose of this division is to provide for the licensure and regulation of capital access companies that will provide risk capital and management assistance, primarily to small business firms
• § 28030 — Subject to additional definitions contained in this division which are applicable to specific provisions of this division, and unless the context otherwise requires, the definitions in this article ap
• § 28031 — “Accredited investor” means a person who is defined in Section 2(a)(15) of the Securities Act of 1933, or any other person that the Securities and Exchange Commission may so designate by rule, regulat
• § 28032 — “Affiliate” means any person or persons controlling, controlled by, or under common control with, other specified persons.
• § 28033 — “Commissioner” means the Commissioner of Financial Protection and Innovation or their designee with respect to a particular matter.
• § 28034 — “Company” means a corporation, limited partnership, limited liability company, or other form of business entity, which is organized under the laws of the State of California.
• § 28035 — “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a specified person.
• § 28036 — “Controlling person,” when used with respect to a specified person, means any person who controls the specified person, directly or indirectly, through one or more intermediaries.
• § 28037 — “Insolvent,” when used with respect to any person, means a person who has ceased to pay his or her debts in the ordinary course of business, who cannot pay his or her debts as they become due, or whos
• § 28038 — “License” means a license issued under this division authorizing a licensee to transact business as a capital access company.
• § 28039 — “Licensee” means a company that is licensed under this division.
• § 28040 — “Officer” means either of the following: (a) When used with respect to a corporation, any person appointed or designated as an officer of the corporation by or pursuant to applicable law or the articl
• § 28041 — “Order” means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner.
• § 28042 — “Parent,” when used with respect to a specified person other than a natural person, means any person other than a natural person that controls the specified person, directly or indirectly, through one
• § 28043 — “Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, a
• § 28044 — “Principal security holder,” means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting power of the issuer of those securit
• § 28045 — “To provide financing assistance to a person” means to purchase securities issued by the person, either directly from the person, or indirectly through a securities underwriter.
• § 28046 — “Security” has the meaning set forth in Section 25019.
• § 28047 — “Small business firm” means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more th
• § 28047.1 — “Smaller business firm” means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more
• § 28048 — “Subsidiary,” when used with respect to a specified person other than a natural person, means any person other than a natural person controlled by the specified person, directly or indirectly, through
• § 28049 — “Voting power” has the meaning set forth in Section 194.
• § 28100 — The commissioner shall administer and enforce the provisions of this division in a manner that facilitates the legislative purposes set forth in Section 28004, consistent with protection of investors.
• § 28101 — Whenever the commissioner issues an order or license under this division, the commissioner may impose any conditions that are in his or her opinion necessary to carry out the provisions and purposes o
• § 28102 — Any application filed with the commissioner under this division or under any regulation or order issued under this division shall be in a form, shall contain information, shall be signed in a manner,
• § 28103 — In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may consider proposals made by the applicant,
• § 28104 — (a) The commissioner may do both of the following: (1) Make public or private investigations within or outside this state that he or she deems necessary to determine whether to approve any application
• § 28105 — The commissioner may provide information relating to a licensee or any parent or subsidiary of the licensee to, or receive information relating to a licensee or any parent or subsidiary of the license
• § 28106 — If the commissioner permits any licensee, any affiliate of the licensee, or any governmental agency to inspect or make copies of any record relating to the licensee or to any director, officer, employ
• § 28107 — The commissioner may refer any evidence available concerning any violation of this division or of any regulation or order issued under this division that constitutes a crime to the district attorney o
• § 28108 — Before any applicant for a license is issued a license, the applicant and each parent and subsidiary of the applicant shall file, and each person that becomes a parent or subsidiary of a licensee shal
• § 28109 — Whenever any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this division or by any regulation or order issued under this division, whether or not
• § 28110 — (a) Fees shall be paid to, and collected by, the commissioner, as follows: (1) The fee for filing with the commissioner an application for a license shall be no greater than two thousand dollars ($2,0
• § 28111 — (a) If a licensee becomes licensed as a small business investment company and is subject to regulation by the Small Business Administration under the federal Small Business Investment Act of 1958, the
• § 28150 — (a) Except as provided in subdivision (b), no person proposing to transact or transacting business in this state, other than a licensee, shall use any name or title that indicates that it is a capital
• § 28151 — No person other than a person who meets the definition of a licensee may be issued a license under this division.
• § 28152 — If the commissioner finds all of the following with respect to an application for a license, the commissioner shall approve the application: (a) That the applicant has a tangible net worth, exclusive
• § 28153 — (a) For purposes of Section 28152, the commissioner may find: (1) That a director, officer, or controlling person of an applicant is not of good character if the director, officer, or controlling pers
• § 28154 — Except pursuant to Section 28551, no license shall be transferable or assignable.
• § 28155 — No licensee shall represent that it is sponsored, recommended, or approved by, or that its abilities or qualifications have in any respect been passed upon by, the commissioner.
• § 28200 — The organizational documents of the licensee shall include the following statement: (a) The activities of the licensee are limited to the promotion of economic, business, or industrial development in
• § 28201 — No licensee shall, except by prior written notice to the commissioner, transact business under any name other than its corporate name.
• § 28210 — Each licensee shall have a board of directors, executive committee, or other policy body, which shall consist of not less than three members.
• § 28211 — The board of directors, executive committee, or other policy body of each licensee shall hold a meeting not less frequently than once each calendar year.
• § 28212 — The board of directors, executive committee, or other policy body of each licensee shall approve the contract to be entered into between the licensee and any person who will make recommendations with
• § 28320 — (a) No licensee shall relocate its head office without prior written notice to the commissioner.
• § 28400 — No licensee shall engage in any business other than the following: (a) The business of providing financing assistance through the purchase of securities of small business firms or smaller business fir
• § 28404 — No licensee shall provide financing assistance to any small business firm for the purpose of evading the requirements of this division.
• § 28405 — This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
• § 28500 — Each licensee shall make and keep books, accounts, and other records in the form and in the manner that the commissioner may by regulation or order require.
• § 28501 — Each licensee shall, not more than 90 days after the close of each of its fiscal years or within a longer period that the commissioner may by regulation or order specify, file with the commissioner an
• § 28502 — Each licensee, director, officer, and employee of a licensee, and each parent and subsidiary of a licensee shall file with the commissioner all reports that the commissioner may by regulation or order
• § 28503 — (a) The commissioner shall examine each licensee not less frequently than once each calendar year.
• § 28504 — (a) A licensee may, after the approval of the board of directors, executive committee, or other policy body of the licensee, cause or permit any other person to make or keep any of its books, accounts
• § 28505 — Subject to the provisions of Rules 250.
• § 28550 — No person shall, except with the prior written approval of the commissioner, acquire control of a licensee.
• § 28551 — The commissioner shall approve an application for approval to acquire control of a licensee only if, after notice and a hearing, the commissioner finds all of the following: (a) That the applicant and
• § 28552 — (a) For purposes of Section 28551, the commissioner may find: (1) That an applicant or a director or officer of an applicant is not of good character if the person has been convicted of, or has pleade
• § 28600 — For purposes of this chapter: (a) “Acquiring licensee” means either of the following: (1) In the case of a merger, the licensee that is the surviving company.
• § 28601 — No licensee shall merge with any other company unless either of the following apply: (a) If the licensee is to be the surviving company, the merger is first approved by the commissioner.
• § 28602 — No licensee shall purchase all or substantially all of the business of any other person unless the purchase is first approved by the commissioner.
• § 28603 — No licensee shall sell all or substantially all of its business to any other person unless the other person is a licensee and the sale is first approved by the commissioner.
• § 28604 — The commissioner shall approve an application for approval of a merger, purchase, or sale, only if, after notice and a hearing, the commissioner finds all of the following: (a) That the merger, purcha
• § 28650 — Any licensee may offer to surrender its license by filing with the commissioner the license and a report, which shall (a) be in a form, (b) contain information, and (c) be signed and verified in a man
• § 28651 — (a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective upon the issuance of an order by the commissioner accepting the offer of surrender and the re
• § 28700 — For purposes of this chapter, unless the context otherwise requires: (a) “Office with a licensee” means the position of director, officer, or employee of the licensee or of any subsidiary of the licen
• § 28701 — Whenever it appears to the commissioner that any person has violated, or that there is reasonable cause to believe that any person may violate, any provision of this division or of any regulation or o
• § 28702 — (a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person may violate, Section 28150, the commissioner may order the person to cease and
• § 28703 — The commissioner may issue a cease and desist order, including an order to take appropriate corrective action, if, after notice and a hearing, the commissioner finds either of the following: (a) That
• § 28704 — (a) The commissioner may issue a cease and desist order, including an order to take appropriate corrective action, if the commissioner finds both of the following: (1) That any of the factors set fort
• § 28705 — The commissioner may issue an order removing a subject person from that person’s office with the licensee, if any, and prohibiting that person from further participating in any manner in the conduct o
• § 28706 — The commissioner may issue an order removing a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct of th
• § 28707 — (a) The commissioner may issue an order suspending a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct
• § 28708 — (a) The commissioner may issue an order suspending a subject person from his or her office, if any, with the licensee and prohibiting him or her from further participating in any manner in the conduct
• § 28709 — Any person to whom an order is issued under Section 28705, 28706, 28707, or 28708 may apply to the commissioner to modify or rescind the order.
• § 28710 — The commissioner may issue an order suspending or revoking the license of a licensee, if, after notice and a hearing, the commissioner finds any of the following: (a) That the licensee or any controll
• § 28711 — (a) If the commissioner finds that any of the factors set forth in Section 28710 is true with respect to any licensee and that it is necessary for the protection of the public interest that the commis
• § 28712 — Any person whose license is suspended or revoked shall immediately deliver the license to the commissioner.
• § 28713 — Any person to whom an order is issued under Section 28709 or 28710 may apply to the commissioner to modify or rescind the order.
• § 28714 — (a) If the commissioner finds that any of the factors set forth in Section 28709 is true with respect to any licensee and that it is necessary for the protection of the interests of the licensee or th
• § 28715 — Sections 11041, 11042, and 11043 of the Government Code do not apply to the Commissioner of Financial Protection and Innovation.
• § 28716 — (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 object with the intent to impede, obstru
• § 28800 — It shall be unlawful for any person willfully to make any untrue statement of a material fact in any application, report, or other document filed with the commissioner under this division or under any
• § 28801 — It shall be unlawful for any person having custody of any of the books, accounts, or other records of a licensee willfully to refuse to allow the commissioner, upon request, to inspect or make copies
• § 28802 — It shall be unlawful for any person, with intent to deceive any director, officer, employee, auditor, or attorney of a licensee, the commissioner or any governmental agency, to make any false entry in
• § 28820 — In this article, unless the context otherwise requires: (a) (1) “Associate,” when used with respect to a licensee, means all of the following: (A) Any principal shareholder, director, officer, manager
• § 28821 — (a) A licensee shall not provide financial or managerial assistance to, or for the benefit of, any person to the detriment of a small business firm or smaller business firm, the licensee, its sharehol
• § 28880 — Any person who willfully violates any provision under this chapter shall upon conviction be fined not more than two hundred fifty thousand dollars ($250,000) or be imprisoned pursuant to subdivision (
• § 28881 — Nothing in this division limits the power of the state to punish any person for any act which constitutes a crime under any statute.
• § 28900 — If, after notice and a hearing, the commissioner finds that any person has violated any provision of this division or of any regulation or order issued under this division, the commissioner may order
• § 28901 — The provisions of Section 28900 are additional to, and not alternative to, other provisions of this division which authorize the commissioner to issue orders or to take other action on account of a vi
• § 28950 — No provision of this division imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written interpretive opinion of the commissio
• § 28951 — (a) 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, whether or not used in this law, insofa
• § 28952 — The commissioner may honor requests from interested persons for interpretive opinions.
• § 28953 — In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• § 28954 — Every final order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
• § 28955 — 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 (commencing with Section 25000)) or the
• § 28956 — If any provision of this division , or the application thereof to any person or circumstance, is held invalid, the invalidity shall not affect other provisions or applications of this law that can be
• § 28957 — 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 information for personal gain or benefit
• § 28958 — (a) The program established by this division shall be supported from funds appropriated by the Legislature from the State Corporations Fund.
• § 2900 — (a) As used in this section: (1) “Social purpose corporation” includes an unincorporated association.
• § 29000 — Unless the provision or the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• § 29001 — “Person” means an individual, partnership, corporation, limited liability company, or association, either domestic or foreign, whether acting in his or her own right or as the officer, agent, servant,
• § 29002 — (a) “Trustee” means a person executing a trust, as defined in this section.
• § 29003 — “Contract” includes any agreement, trade, or transaction.
• § 29004 — “Securities” means all shares in any corporation or association or of trustees, bonds, coupons, scrip, rights, choses in action, and other evidences of debt or property and options for the purchase or
• § 29005 — “Commodities” means anything movable that is bought and sold.
• § 29006 — “Bucket shop” means any room, office, store, building, or other place where any bucketing or bucket shopping contract is made or offered to be made.
• § 29007 — “Keeper” means any person owning, keeping, managing, operating, or promoting a bucket shop, or assisting to keep, manage, operate, or promote a bucket shop.
• § 29008 — “Bucketing” or “bucket shopping” means any of the following: (a) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties intend,
• § 29100 — Any person who makes or offers to make any contract constituting bucketing under Section 29008, or who makes any sale constituting bucketing under Section 29008, or who is the keeper of any bucket sho
• § 29101 — Any person who communicates, receives, exhibits, or displays in any manner any statement of quotations of prices of any securities or commodities, with an intent to make, or to offer to make, or to ai
• § 29102 — The felonies specified in this chapter are punishable, for each offense, if the offender is a corporation, by a fine of not less than one thousand dollars ($1,000) nor more than ten thousand dollars (
• § 29103 — The prosecution, conviction, and punishment of a corporation under any provision of this chapter shall not be deemed to be a prosecution, conviction, or punishment of any of its officers, directors, o
• § 29104 — All contracts for the purchase or sale of shares of the capital stock of any corporation or association without any intention on the part of one party to deliver and of the other party to receive the
• § 29105 — (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 object with the intent to impede, obstru
• § 29200 — Every person doing business as a broker or making contracts as a broker or agent for the purchase or sale of any securities or commodities on any board of trade or exchange shall keep or cause to be k
• § 29201 — Every person shall, upon written demand therefor, furnish to any customer or principal for whom he has executed any order for the actual purchase or sale of any securities or commodities on any board
• § 29500 — This division shall be known and may be cited as the “California Commodity Law of 1990.
• § 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 person or group of persons is characterized
• § 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 mineral (including a precious metal set
• § 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 or consumption by the offeree or purchaser
• § 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, additions, or other revisions thereto, unless
• § 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.
• § 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 commodities or one or more commodity contracts, or
• § 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 association or federal savings bank, or (c) a fed
• § 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 organization, a government, or a political su
• § 29515 — “Precious metal” means the following in either coin, bullion, or other form: (a) Silver.
• § 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 request or direction of a seller), including
• § 29516 — “Sale” or “sell” includes every sale, contract of sale, contract to sell, or disposition, for value.
• § 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 contract or under any commodity option,
• § 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 director thereof acting solely in that capac
• § 29531 — The prohibitions in Section 29520 shall not apply to the following: (a) An account, agreement, or transaction within the exclusive regulatory jurisdiction of the Commodity Futures Trading Commission a
• § 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 transaction from this law conditionally or uncon
• § 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 Commodity Futures Trading Commission for
• § 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 into, or the entry into, a commodity, co
• § 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 object with the intent to impede, obstru
• § 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 provision of this law or any rule or order under
• § 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 necessary to determine whether any person has vi
• § 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 under this law, the commissioner may 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 or the district attorney of the county i
• § 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 penalty not to exceed twenty-five thousand doll