CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Senate Bill
No. 738

Introduced by Senator Hurtado

February 17, 2023

An act relating to businesses.


LEGISLATIVE COUNSEL'S DIGEST


SB 738, as introduced, Hurtado. Secretary of State: business filings: foreign-owned shell companies.
Existing law requires specified businesses and corporations to file certain business-related information with the Secretary of State.
This bill would state the intent of the Legislature to enact legislation that requires the Secretary of State to request the beneficial owners of foreign-owned shell companies to disclose specified personal information.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 This act shall be known as the Corporate Transparency Act.

SEC. 2.

 It is the intent of the Legislature to enact legislation that requires the Secretary of State to request the beneficial owners of foreign-owned shell companies to disclose their (1) full legal name, (2) date of birth, (3) current residential or business street address, and (4) unique identifying number from an acceptable identification document or Secretary of State identification number, if available.