Bill Text: CA SB139 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Exchange facilitators.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-06-28 - Chaptered by Secretary of State. Chapter 45, Statutes of 2013. [SB139 Detail]

Download: California-2013-SB139-Introduced.html

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BILL NUMBER: SB 139	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Hill

                        JANUARY 29, 2013

   An act to repeal Section 51015 of the Financial Code, relating to
exchange facilitators.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 139, as introduced, Hill. Exchange facilitators.
   Existing law regulates persons engaging in business as exchange
facilitators, as defined, including requiring compliance with certain
bonding and insurance requirements, imposing specified notification
requirements, and prohibiting specified acts. Existing law makes any
person who violates these provisions subject to civil suit in a court
of competent jurisdiction, as provided. These provisions remain in
effect until January 1, 2014, at which point they would be repealed
by their own terms.
   This bill would remove the repeal date, thus continuing these
provisions in effect indefinitely.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 51015 of the Financial Code is repealed.

   51015.  This division shall remain in effect only until January 1,
2014, and as of that date is repealed, unless a later enacted
statute, that is enacted before that date, deletes or extends that
date.