GUIDELINES IN COMPLIANCE WITH
THOSE ORDERS THE SENATE HAS
MADE NECESSARY ADJUSTMENTS TO
NORMAL PRACTICES IN ORDER TO
ENSURE THE PUBLIC CONTINUES TO
HAVE ACCESS TO THE LEGISLATIVE
PROCESS. TO ALLOW THE PUBLIC
ACCESS WE HAVE ADMITTED MEMBERS
OF THE PUBLIC TO TWO HEARING
ROOMS TO THE EXTENT THAT SOCIAL
DISTANCING REQUIREMENTS ALLOW
AND WE WILL BE USING
TELECONFERENCE SERVICES FOR
THOSE INDIVIDUALS WHO WISH TO
TESTIFY TODAY. FOR ALL
INDIVIDUALS WISHING TO PROVIDE
PUBLIC COMMENT THE PARTICIPANT
TOLL FREE NUMBER AND ACCESS
CODE IS POSTED ON OUR COMMITTEE
WEBSITE IT WILL BE DISPLAYED ON
THE SCREEN AND I WILL ALSO
ANNOUNCE. TODAY'S PARTICIPANT.
NUMBER IS. 1-844-291-6364 AND
THE ACCESS CODE IS EIGHT SEVEN
SIX. EIGHT NINE FOUR ONE FOR
DETAILED INSTRUCTIONS ON HOW
THE TELECONFERENCES TO MERCK'S
PLEASE REFER TO THE SENATE AND
OR COMMITTEE WEBSITE. WHEN WE
MOVED TO PUBLIC COMMENT YOU
WILL BE PROMPTED BY A MODERATOR
TO DIAL ONE THEN ZERO FOR
SUPPORT IN OPPOSITION. PRESS
THIS ONLY ONE TIME AND WAIT
PATIENTLY FOR AN OPERATOR TO
ASSIGN YOU A LINE NUMBER THIS
CAN BE A SHORT WAIT. ONCE YOU
RECEIVE YOUR LINE NUMBER YOU
WILL WAIT IN THE QUEUE FOR THE
MODERATOR TO CALL YOUR LINE
NUMBER AT THAT TIME YOU WILL BE
AND YOU DID IT AND YOU WILL BE
READY TO ADDRESS THE COMMITTEE.
PLEASE NOTE THAT IN ORDER FOR
US TO HEAR YOU CLEARLY AND TO
AVOID A STICK FEEDBACK YOU MUST
MEET THE DEVICE YOU ARE
WATCHING. THE HEARING ON PRIOR
TO GIVING TESTIMONY OVER THE
PHONE IT IS IMPORTANT THAT WE
HEAR FROM YOU. AND WE THANK YOU
FOR YOUR PATIENCE. I WILL
MAINTAIN DECORUM DURING THE
HEARING AS IS CUSTOMARY AND IF
ANY INDIVIDUAL WHO IS
DISRUPTIVE. WILL BE REMOVED
FROM THE REMOTE MEETING SERVICE
OR HAVE THEIR CONNECTIONS MUTED
WHILE EVERY EFFORT HAS BEEN
MADE TO STREAMLINE THE HEARING
PROCESS AND CONDUCTOR HEARINGS
IN A CLOSE IN CLOSE TO THE SAME
MANNER AS CUSTOMARY THERE MAY
BE SOME LAG TIMES FOR
PARTICIPANTS. WHO ARE ADJUSTING
TO THE NEW USE OF ONLINE TOOLS
OR TECHNOLOGY PLEASE BE
RESPECTFUL AND PATIENT SO ALL
INTERESTED PARTIES CAN BE HEARD.
TODAY WE HAVE FIVE BILLS ON THE
AGENDA AND WE WILL ALSO BE
ADOPTING OUR COMMITTEE RULES.
BEFORE WE CONDUCT BUSINESS LET
THE STYLISH QUORUM CAN WE
PLEASE CALL THE ROLL. LIMóN
HERE LIMóN HERE AND I'D LIKE
TO ASK THE REMAINING MEMBERS TO
PLEASE SPEAK INTO YOUR
MICROPHONES WHEN YOUR NAME IS
CALLED A CHOI BO. BRADFORD.
BRADFORD HERE CABALLERO THERE
HAVE A OUT OF HERE DOLLEY DID
AWESOME HERE DRESSER HERE HUESO.
MAN YOU HEAR ME IN HERE
PORTANTINO. YOU HAVE A QUORUM
WE HAVE ESTABLISHED QUORUM.
FIRST I'D LIKE TO TAKE UP OUR
COMMITTEE RULES IF THERE ARE NO
OBJECTIONS WILL ADOPT OUR RULES
BY UNANIMOUS CONSENT. NO
OBJECTIONS. OUR COMMITTEE RULES
ARE ADOPTED NOW LET'S HEAR FROM
OUR FIRST AUTHOR AND WELCOME
SENATOR JONES LET'S START WITH
SB TWO EIGHTEEN BUDGET
CHAIRWOMAN- CONGRATULATIONS AND
WELCOME BACK LOOK FORWARD TO
WORKING WITH YOU THIS YEAR HI
THIS AND ENTIRE SESSION
ACTUALLY THANK YOU- LET'S TALK
ABOUT SENATE BILL TWO EIGHTEEN
WHICH PROVIDES A MECHANISM TO
RATIFY OR VALIDATE DEFECTIVE
CORPORATE ACTIONS THAT
OTHERWISE WOULD OR COULD BE
INVALID DUE TO IMPROPER
CORPORATE AUTHORIZATION. MANY
SMALL PRIVATELY HELD
CORPORATIONS ARE OPERATING
WITHOUT THE BENEFIT OF LEGAL
COUNSEL AND UNINTENTIONALLY
FAIL TO COMPLY WITH ALL THE
FORMALITIES REQUIRED BY
CALIFORNIA'S CORPORATE LAW.
BRIAR MISTAKES ARE OFTEN
DISCOVERED WHEN BUSINESSES
UNDERTAKE SIGNIFICANT CORPORATE
TRANSACTIONS SUCH AS SEEKING
OUTSIDE FUNDING SELLING THE
BUSINESS OF ACQUIRING ANOTHER
BUSINESS OR UNDERTAKING INITIAL
PUBLIC OFFERING. CORRECTIVE
ACTION IS OFTEN NECESSARY TO
PROCEED WITH THE DESIRED
TRANSACTION. SIGNIFICANT
UNCERTAINTY EXISTS UNDER
CORPORATE LAW CALIFORNIA COOPER
A LOT ABOUT HOW TO CORRECT
CORPORATE ACTIONS THAT FAIL TO
COMPLY WITH LEGAL REQUIREMENTS
WHEN ORIGINALLY UNDERTAKEN. THE
TWO THOUSAND SIXTEEN MODEL
BUSINESS CORPORATION ACT
SUGGESTED ADDING PROVISIONS TO
RATIFY DEFECTIVE CORPORATE
ACTS. AND AT LEAST NINE OTHER
STATES HAVE RECENTLY AMENDED
THEIR CORPORATE STATUTES TO
INCLUDE PROVISIONS FOR
RATIFICATION OR VALIDATION.
CONNECTICUT DELAWARE KANSAS
NEVADA NORTH CAROLINA OKLAHOMA
TEXAS VIRGINIA AND WASHINGTON.
CALIFORNIA SHOULD JOIN THESE
OTHER STATES AND SET FORTH A
PATH FOR BUSINESSES TO CORRECT
THE PREVIOUS INADVERTENT
MISTAKES I HAVE A PRACTITIONER
ON THE CO HOST TELECONFERENCE
LINE TO SHARE THEIR RULED
EXPERIENCE- WHEN YOU'RE READY
TO HEAR FROM THE TESTIMONY
MADAM CHAIR. GREAT THANK YOU WE
WILL MOVE ON TO THAT TESTIMONY
IN SUPPORT TO THE CONSTRAINTS
REGARDING THE LENGTH OF
HEARINGS TECHNOLOGY AND
CONSIDERATIONS. THAT CAN- WE
WILL ESTABLISH A TIME LIMIT OF
THREE MINUTES EACH EACH SIDE
WILL BE PERMITTED IN AN EQUAL
AMOUNT OF TIME. SO WE WILL
BEGIN BY CALLING THE FIRST
WITNESSES IN SUPPORT. OPERATOR
GOOD MORNING. MY NAME IS GARY
NINE NINE VICE CHAIR OF
LEGISLATION OF THE CORPORATION
COMMITTEE THE BUSINESS LAW
SECTION OF THE CALIFORNIA
LAWYERS ASSOCIATION. WE ARE IN
SUPPORT OF AT EIGHTEEN EIGHTEEN
NOT HAPPY TO ANSWER ANY
TECHNICAL QUESTIONS THAT. MANY
OF THE MEMBERS. THANK YOU MR
NONE AT. THIS WE WILL THEN IF
THERE'S NO ADDITIONAL WITNESSES
TO WITNESSES IN SUPPORT. CAN WE
CHECK OPERATOR IF WE HAVE ANY
ADDITIONAL WITNESSES IN SUPPORT.
THANK YOU LADIES AND GENTLEMEN
IF YOU WISH TO COMMENT IN
SUPPORT OF SB TWO EIGHTEEN ON
TODAY'S CALL YOU MAY PRESS ONE
AND THEN ZERO AT THIS TIME. AN
OPERATOR WILL PROVIDE YOUR
PHONE NUMBER AND WHEN YOU'RE MY
NUMBER'S CALLED PLEASE STATE
YOUR NAME FOR THE RECORD. ONCE
AGAIN IF YOU HAVE A COMMENT IN
SUPPORT OF S. B. TWO EIGHTEEN
YOU MAY PRESS ONE. AND THEN
THERE. THERE ARE NO PARTIES IN
THE QUEUE AT THIS TIME. THANK
YOU I WANT TO RECOGNIZE THAT WE
HAVE NO WITNESSES IN THE
GALLERY. DO WE HAVE ANY
WITNESSES IN ROOM ONE TWELVE
WHO WISH TO SUPPORT SB TWO
EIGHTEEN. THERE ARE NO
WITNESSES IN ROOM ONE TWELVE
WHO WISHES TO FOR SB EIGHT SB
TWO EIGHTEEN. DO WE HAVE ANY
WITNESSES IN OPPOSITION I SEE
NO WITNESSES IN THE GALLERY. DO
WE HAVE ANY WITNESSES IN
OPPOSITION IN ROOM ONE TWELVE.
CNN WE WILL MOVE TO THE
OPERATOR ANY WITNESSES IN
OPPOSITION OF TWO EIGHTEEN SB
TWO EIGHTEEN. LADIES AND
GENTLEMEN IF YOU WISH TO
COMMENT IN OPPOSITION OF SB TWO
EIGHTEEN YOU MAY PRESS ONE AND
THEN ZERO AT THIS TIME. WE HAVE
NO PARTIES IN THE QUEUE AT THIS
TIME. THANK YOU MODERATOR
MEMBERS ANY QUESTIONS OR
COMMENTS. WE HAVE SENATOR MAN.
I JUST WANTED TO RISE TO SAY I
SUPPORT THIS BILL I THINK EIGHT
EIGHT ENCAPSULATES- THE
FLEXIBILITY WE NEED- WITH
RESPECT TO OUR ARTICLES OF
INCORPORATION CORPORATE LAW
HERE IN CALIFORNIA AND WOULD
HAVE TO BE A CO AUTHOR AT THE
EARLIEST POSSIBILITY THANK YOU.
KNOW THANK YOU. THANK YOU
SENATOR MAN ANY ADDITIONAL
QUESTIONS OR COMMENTS. C. NINE
THIS BILL DOES HAVE DO YOU
PASSED TO BE RECOMMENDED TO
SENATE JUDICIARY COMMITTEE.
SENATOR JOHN WOULD YOU LIKE TO
CLOSE I RESPECTFULLY ASK FOR
YOUR AYE VOTE THANK YOU VERY
MUCH THANK YOU. THREE PLEASE
CALL THE ROLL WE NEED A MOTION
MOVED SORRY. WE HAVEN'T A SORRY
US SENATOR. I THINK I HEARD.
ABOUT THAT YET I'LL MOVE THE
BILL. NOW WE CAN CALL THE ROLL.
THE MOTION IS TO PASS BUT FIRST
BE REFERRED TO THE COMMITTEE ON
JUDICIARY LIMóN. HI LIMON A
TROUBLE BRADFORD. BRADFORD HI
COVEY ADAM CABALLERO I DALY. DO
NOT ASSUME I DID ALSO I WISH
TO. MIN FIVE MIN I PORTANTINO.
PORTANTINO FIVE THE BILL HAS
EXPOSED TELL. THANK YOU THE
BILL HAS SIX VOTES WE WILL
LEAVE THAT ON CALL BUT IT DOES
MOVE FORWARD AND SENATOR JOHN
DO YOU ALSO HAVE THE SECOND
BILL SB TWO EIGHTY EIGHT. THANK
YOU MADAM CHAIR- S. B. TWO
EIGHTY EIGHT ESTABLISHES A
SINGLE STEP CONVERSION PROCESS
FOR CALIFORNIA CORPORATIONS TO
BECOME FOREIGN CORPORATIONS.
BUSINESS OWNERS OFTEN DESIRE TO
CHANGE THE FORM OF ORGANIZATION
OF THEIR BUSINESS OR THE STATE
IN WHICH THEIR BUSINESSES
FORMED. HIS BABY'S NECESSARY
FOR EXAMPLE TO RESPOND TO
CHANGING ECONOMIC CONDITIONS.
CHANGES IN THE BUSINESSES THEY
CAN DOCTOR CHANGES IN THE
SHAREHOLDERS PRIORITIES. MY
CALIFORNIA PROVIDES A MECHANISM
FOR PARTNERSHIPS AND LLCS TO
CONVERT FROM ONE TYPE OF ENTITY
TO ANOTHER IN A SINGLE STEP. IS
ONE OF THE FEW STATES THAT DOES
NOT OFFER A SINGLE STEP PROCESS
FOR THE CONVERSION OF A
CORPORATION. THE CALIFORNIA
CORPORATION DESIRES TO CONVERT
INTO A DELAWARE CORPORATION FOR
EXAMPLE MUST EITHER.
INCORPORATE A NEW CORPORATION
DELAWARE AD THEN MERGE THE TWO
ENTITIES TOGETHER. WITH THE
DELAWARE CORPORATION SURVIVING
THE MERGER AND THE CALIFORNIA
CORPORATION CEASING TO EXIST.
OR CONVERT INTO ANOTHER TYPE OF
CALIFORNIA BUSINESS ENTITY.
SUCH AS A PARTNERSHIP OR LLC
AND THEN CONVERT THAT INTO T.
INTO A DELAWARE CORPORATION.
MULTI STEP CONVERSIONS ARE
SIGNIFICANTLY MORE CUMBERSOME
TIME CONSUMING AND EXPENSIVE.
THIS BILL WILL PROVIDE
CORPORATIONS WITH THE SAME
FLEXIBILITY AVAILABLE TO
CALIFORNIA PARTNERSHIPS AND
LLCS. AND CORPORATIONS AND
OTHER STATES AGAIN I HAVE A
TECHNICIAN OR- ON THE COAST
TELECONFERENCE LINE. TO SHARE
SOME THOUGHTS REGARDING THE
BILL. THANK YOU SENATOR. WE
WILL MOVE ON TO WITNESSES IN
SUPPORT. AND WE HAVE OUR FIRST
WITNESS A THEY BELIEVE. MR NONE
ON THE LINE. IS THE GOOD
MORNING AGAIN DARREN NINE VICE
CHAIR LEGISLATION CORPORATION
COMMITTEE. BUSINESSLINE SECTION
OF THE CALIFORNIA LAWYERS
ASSOCIATION BYE COMMITTEE
SUPPORT SB TWO EIGHT EIGHT AND
AGAIN I'D BE HAPPY TO. ANSWER
ANY QUESTIONS THAT THE-
COMMITTEE MIGHT HAVE. THANK YOU.
I DO NOT SEE WILL MOVE ON TO
ADDITIONAL WITNESSES IN SUPPORT
I DO NOT SEE ANY WITNESSES IN
THE GALLERY DO WE HAVE ANY
WITNESSES IN SUPPORT IN ROOM
ONE TWELVE. SEE NO WITNESSES IN
SUPPORT OF SB TWO EIGHT EIGHT
IN ROOM ONE TWELVE- WE WILL
MOVE TO ANY WITNESSES ON THE
LINE MODERATOR OTHER WITNESSES
ON THE LINE FOR S. FOR SUPPORT
OF SB ONE TWELVE. SPEAKING AT
THIS TIME WE HAVE NO PARTISAN
SUPPORT. THANK YOU. NOW WE MOVE
ON TO WITNESSES IN OPPOSITION I
SEE NO WITNESSES IN OPPOSITION-
IN THE GALLERY WE WILL MOVE ON
TO WITNESSES IN OPPOSITION IN
ROOM ONE TWELVE. FINO WITNESSES
IN OPPOSITION IN ROOM ONE
TWELVE WE WILL MOVE ON TO
WITNESSES IN OPPOSITION ON THE
PHONE MODERATOR DO WE HAVE ANY
WITNESSES IN OPPOSITION ON THE
PHONE LINES. LADIES AND
GENTLEMEN IF YOU WISH TO
COMMENT IN OPPOSITION OF SB TWO
EIGHTY EIGHT YOU MAY PRESS ONE
AND ZERO AT THIS TIME. WE HAVE
NO PARTIES IN OPPOSITION. THANK
YOU MEMBERS ANY QUESTIONS OR
DISCUSSIONS. THE NO QUESTIONS
OR DISCUSSIONS I WELCOME THE
MOTION. THANK YOU SENATOR
GOVERNMENTAL MOVES THE BILL.
SENATOR JONES WOULD YOU LIKE TO
CLOSE THANK YOU MA'AM SHERMAN
HOUSE MANAGEMENT THINK MR NONE
FOR JOINING US THIS MORNING AND
ASKED FOR AN AYE VOTE. THANK
YOU VERY MUCH CAN WE PLEASE
CALL THE ROLL THE MOTION IS
DEPRESSED BUT FIRST BE REFERRED
TO THE COMMITTEE ON JUDICIARY
LIMóN HI LIMON I WOULD CHAU
BOOK. BRADFORD ALL RIGHT
BRADFORD AYE CABALLERO I
THOUGHT YOU KNOW I DOLLY. GOOD
AWESOME QUESTION. MAN HI MAN I
PORTANTINO HI PORTANTINO I. THE
MEASURE THAT WOULD FLOOD BUT-
THEN THE BILL IS THAT WITH FIVE
VOTES WE BELIEVE THE ROLE OPEN
FOR ADDITIONAL MEMBERS TO ADD
ON THANK YOU VERY MUCH SENATOR
GRAHAM JR THANK YOU MEMBERS PER
SHEET THE TIME. YEAH THE DALLAS
HERE TO PRESERVE FOR WELL
PERFECT TIMING WE WILL MOVE ON
TO SB THREE SIXTY BY CENTER
WILK BUT BRING PRESENTED BY
SENATOR DOLLY. HELLO MADAM
CHAIR THANK YOU. GOOD TO SEE
YOU GET CO. GOOD AFTERNOON
CHAIR MEMBERS I'M PRESENTING SP
THREE SIXTY TODAY ON BEHALF OF
SENATOR WILK SB THREE SIXTY
WILL EXTEND THE SUNSET DATE. OF
IMPLEMENTATION PROTECTION FOR
ESCROW AGENTS FROM ESCROW. AGED
RATING SERVICES THESE
PROTECTIONS ARE SET TO EXPIRE
ON JANUARY ONE TO TWENTY TWENTY
TWO IN THIS BILL EXTENDS INTO
JANUARY ONE TWENTY TWENTY SEVEN
AS COURAGEOUS AND RATING
SERVICES EVALUATE THE STABILITY
OF ESCROW AGENTS TO PERFORM
SETTLEMENT SERVICES BY
EXAMINING CREDIT INFORMATION
BANKRUPTCY FILINGS AND OTHER
CRITERIA. PRIOR TO THEIR
EXTENDED BY THE LEGISLATURE
ASPIRATIONS COULD BE PUT OUT OF
BUSINESS BASED UPON INACCURATE
INFORMATION. ESCROW AGENTS DID
NOT HAVE THE PROTECTIONS
AFFORDED UNDER THE CALIFORNIA
CREDITS REPORTING LAW SUCH AS
THE RIGHT TO RECEIVE A COPY OF
A REPORT PRODUCED AND THE RIGHT
TO DISPUTE OR CORRECT
INACCURATE INFORMATION. THANK
YOU FOR YOUR TIME. AND WITH ME
TODAY THAT TO PROVIDE EXPERT
TESTIMONY AND ANSWER ANY
QUESTIONS IS MIKE BELOW
REPRESENT THE CALIFORNIA ESCROW
ASSOCIATIONS AND THE SPONSOR OF
THE BILL. ACTUALLY ASK FOR
NUMBER. THANK YOU SENATOR DOLLY.
WE WILL MOVE TO WITNESSES IN
SUPPORT AND WE DO HAVE MISTER
BELOW ONLINE. MODERATOR THANK
YOU MADAM CHAIR YES THANK YOU
MADAM CHAIR. AND MEMBERS
MICHAEL OF SPEAKING ON BEHALF
THAT CALIFORNIA'S GROSS
ASSOCIATION I WANTED TO- I
THANK THE COMMITTEE FOR THE
FINE ANALYSIS- I'LL BE VERY
BRIEF- ALL THE BILL DOES IS
EXTEND THE SUNSET ON THE
CURRENT LAW WHICH WE TINK HAS
WORKED WELL. SINCE TWENTY
THIRTEEN. TO PROPERLY BALANCE-
THAT PUBLIC PROTECTION OF
LENDERS EVALUATING THIRD PARTY
SERVICE PROVIDERS THEY USE
AFTER ALL THIS IS A BIG
PURCHASE BY- PRINCIPLES IN REAL
ESTATE TRANSACTIONS. WITHOUT
PROVIDING A REMEDY FOR THE
SMALL ESCROW COMPANIES WHO
COULD BE PUT OUT OF BUSINESS BY
INACCURATE INFORMATION. SO WE
THINK IT'S A FAIR BALANCE AND
GIVES A REMEDY TO THE ESCROW
COMPANIES THAT CAN HELP PROTECT
THEM AGAINST INACCURACIES. AND
WE WOULD HAVE TO REWRITE BOTH.
THANK YOU MISS BELOW. FOR
ADDITIONAL WITNESSES IN SUPPORT
A SCENE AND IN THE GALLERY DO
WE HAVE ANY WITNESSES IN
SUPPORT OF SB THREE SIXTY IN
ROOM ONE TWELVE. SEE NO
WITNESSES IN SUPPORT IN ROOM
ONE TWELVE- WE WILL MOVED TO
ANY WITNESSES ON THE LINE.
MODERATOR DO WE HAVE ANY WINS
THANK YOU MADAM CHAIR. IF YOU
WISH TO COMMENT IN SUPPORT OF
SB THREE SIXTY YOU MAY PRESS
ONE AND THEN ZERO AT THIS TIME.
WE HAVE NO PARTISAN SUPPORT AT
THIS TIME. THANK YOU VERY MUCH
FOR MODERATOR DO WE HAVE ANY
WITNESSES IN OPPOSITION. THE NO
WITNESSES IN OPPOSITION IN THE
ALLERY WE WILL LOOK AT ROOM
ONE TWELVE TO SEE IF WE HAVE
ANY WITNESSES IN OPPOSITION.
THE NO WITNESSES IN OPPOSITION
ROOM ONE TWELVE MODERATOR DO WE
HAVE ANY WITNESSES IN
OPPOSITION IN ROOM ON THE LINE.
THANK YOU AND LADIES AND
GENTLEMEN IF YOU WISH TO
COMMENT IN OPPOSITION OF SB
THREE SIXTEEN YOU MAY PRESS ONE
AND THEN ZERO AT THIS TIME.
THERE ARE NO PARTISAN
OPPOSITION AT THIS TIME. THANK
YOU VERY MUCH. MEMBERS DO WE
HAVE ANY COMMENTS OR QUESTIONS.
SINA COM AT THE QUESTION I WILL
TAKE THANK YOU VERY MUCH CENTER
GOVERNOR FOR MAKING THE MOTION.
WOULD YOU LIKE TO CLOSE SENATOR
DOLLY. THAT THAT'S WHAT I WROTE
THANK YOU VERY MUCH ALL RIGHT
PLEASE CALL THE ROLL. THE
MOTION IS TO PASS BUT FIRST BE
REFERRED TO THE COMMITTEE ON
JUDICIARY LIMóN HI LIMON I-
CHOI BOGUE. BRADFORD ALL RIGHT
BRADFORD I HAVE A ADAM BY A YOU
KNOW I DALI. DALI I WOULD
ASSUME HUESO MAN BY MAN I
PORTANTINO. HI PORTANTINO FIVE.
BALLISTICS THE BILL HAS SIX
VOTED MOVES FORWARD WE WILL
LEAVE THE ROLE OPEN FOR ANY
ADDITIONAL MEMBERS TO ADD ON.
NEXT WE WILL GO WITH SB TWO SIX
NINE BY SENATOR PORTANTINO.
THANK YOU MADAM CHAIR AND
COMMITTEE MEMBERS IT'S MY
PLEASURE TO PRESENT S. B. TWO
SIX NINE A CREDIT UNION CHARTER
MODERNIZATION BILL CREDIT
UNIONS HAVE THE OPTION OF
EITHER BEING STATE CHARTERED OR
FEDERALLY CHARTERED ENTITIES
BOTH FEDERAL AND STATE
GOVERNMENTS PERIODICALLY UPDATE
THEIR CHARTERS TO STAY
COMPETITIVE. IN THEIR APPEAL
AND CREATE AN EVEN PLAYING
SYSTEM SB TWO SIXTY NINE IS
THAT UPDATE TO THE STATE
CHARTER FOR CREDIT UNION IT
ALLOWS CREDIT UNIONS TO KEEP UP
WITH EVER CHANGING LANDSCAPE
AND BEST SERVE THEIR MEMBERS
AND COMMUNITIES ACROSS
CALIFORNIA- THERE'S LOTS OF
TECHNICAL AMENDMENTS IN IT AND
ON THE PHONE TODAY IS ROBERT
WILSON WITH A CALIFORNIA CREDIT
UNION LEAGUE COPPER LEAD
TESTIMONY. AND LISA QARANKA WHO
IS ALSO WITH THE CREDIT UNIONS
TO HELP ANSWER ANY TECHNICAL
QUESTIONS. THANK YOU VERY MUCH
SENATOR PORTANTINO. WE WILL
BEGIN WITH. MISTER WILSON
CORRECT. GOOD MORNING- MEDICARE
MEMBERS OF THE COMMITTEE ROBERT
WILSON CALIFORNIA CREDIT UNION
LEAGUE I TOLD YOU MY COMMENTS
ARE VERY BRIEF WOULD LIKE TO
START BY THANKING CENTER
PORTANTINO PREPARING SUPPORT
PIECE OF LEGISLATION FOR THE
CALIFORNIA CREDIT UNION LEAGUE
OUT ALSO LIKE TO THANK THE
CHAIR FOR HEARING THIS WELL I
FOR THE HEALTH COMMITTEE STAFF
MAKE THAT BEST POSSIBILITY BE.
AS SENATOR AT THE TENDER STATE
CRAIG. BE STATED FEDERALLY
CHARTERED. WE TRY TO MEANS
REGULAR BY THE NATIONAL UNION.
NCUA AND THE CALIFORNIA STATE
CREDIT ARE REGULATED BY THE
DEPARTMENT OF FINANCIAL
PROTECTION LIMITATION. THE OUT
EVERY COUPLE YEARS YOU SEE WELL
RUN THE BUILD UP AT THE STATE
CHARTER. CHANGE DONE FEDERAL
CHARTER AND HELP MODERNIZE
STATUE FOR STATE CHARTERED. SB
TWO SIXTY NINE WILL HELP STATE
CHARTERED CREDIT UNIONS KEEP UP
WITH THE CHANGING TIMES MORE
POORLY HELP CREDIT UNIONS
BETTER SERVE OUR MEMBERS. THANK
YOU FOR YOUR TIME TODAY AND
EITHER MYSELF OR THE TO
QUANTOCK OUR VP OF REGULATORY
AFFAIRS FOR HAPPY TO ANSWER ANY
QUESTIONS. YOU MIGHT HAVE
ABOUT. SPECIFIC. PROVISIONS IN
THE BILL THANK YOU. THANK YOU
VERY MUCH MISS WILL. ANY
ADDITIONAL WEIGHT. IN SUPPORT I
SEE NO WITNESSES IN THE GALLERY
DO WE HAVE ANY WITNESSES IN
SUPPORT AND ROOM ONE TWELVE.
FINO WITNESSES IN SUPPORT IN
ROOM ONE TWELVE A MODERATOR DO
WE HAVE ANY ADDITIONAL
WITNESSES IN SUPPORT ON THE
LINE. THANK YOU MADAM CHAIR IF
YOU WISH TO COMMENT IN SUPPORT
OF SB TWO SIXTY NINE YOU MAY
PRESS ONE AND THEN ZERO AT THIS
TIME. WE HAVE NO PARTISAN
SUPPORT AT THIS TIME. THANK YOU
WE WILL MOVE ON TO WITNESSES IN
OPPOSITION THE NO WITNESSES IN
OPPOSITION IN THE GALLERY DO WE
HAVE ANY WITNESSES IN
OPPOSITION IN ROOM. ONE TWELVE.
NO WITNESSES IN OPPOSITION ROOM
ONE TWELVE MODERATOR DO WE HAVE
ANY WITNESSES IN OPPOSITION ON
THE LINE. THANK YOU MADAM CHAIR
AND IF YOU WISH TO COMMENT IN
OPPOSITION OF SB TWO SIXTY NINE
YOU MAY PRESS ONE AND THEN ZERO
AT THIS TIME. WE HAVE NO
PARTIES IN OPPOSITION AT THIS
TIME. THANK YOU MEMBERS ANY
COMMENTS OR QUESTIONS. THANK
YOU SEE NO COMMENTS OR
QUESTIONS SENATE RECOVERY AT A
MOVES THE BILL. SENATOR
PORTANTINO WOULD YOU LIKE TO
CLOSE I RESPECTFULLY ASK FOR AN
AYE VOTE THANK YOU VERY MUCH
PLEASE CALL THE ROLL. THE
MOTION IS TO PASS BUT FEW BURST
FIRST BE REFERRED TO THE
COMMITTEE ON APPROPRIATIONS
LEóN HI LIMON FIVE WHAT CHAU
BOOK. A TROUBLED BY BRADFORD HI
BRADFORD HI CABALLERO I HAVE A
YEAR TO ON A DAILY. IT ALSO.
HUESO MAN RIGHT MAN I
PORTANTINO HI PORTANTINO FIVE
BALLISTICS BUT THE BILL HAS SIX
MOVE THE SIX IN A SIX VOTE THAT
MOVES AT OUT OF THE COMMITTEE
AND ONTO APPROPRIATIONS. WE
WILL NOW AND WE WILL BE THE
OPEN FOR ADDITIONAL MEMBERS TO
ADD ON WE NOW HAVE THE CONSENT
CALENDAR MEMBERS DO WE HAVE A
MOTION TO APPROVE THE CONSENT
CALENDAR. THANK YOU A SENATOR
GOVERNMENTAL- FOR THE MOTION AT
COMMITTEE PLEASE CALL THE ROLL
ON THE CONSENT CALENDAR WHICH
HAS SB TWO THREE NINE. THE
MOTION IS TO ADOPT THE CONSENT
CALENDAR SB TWO THIRTY NINE
COMMITTEE ON BANKING AND
FINANCIAL INSTITUTIONS LIMóN
HI LIMON I WHICH- BOOK. THE
TROUBLED BY BRADFORD. ALL RIGHT
BRADFORD HI CABALLERO I HAVE A
YEAR TO ALL RIGHT DOLLY. DID
ASSUME ASSUME MAN HI MAN I
PORTANTINO HI PORTANTINO I. I
THINK IT HAS SIX VOTES AND THAT
MOVES ON TO APPROPRIATIONS. OUR
RATES BEFORE WE AT GERMAN AND
WAIT FOR MEMBERS TO ADD ON- I'M
GOING TO TAKE A MOMENT OF
PERSONAL PRIVILEGE AS THE CHAIR
I WANT TO- CAN GRADUALLY TODAY
HI LEE NEW HALL ON HER
RETIREMENT AFTER OVER TWO
DECADES OF SERVICE TO THE STATE
LEGISLATURE. AFTER A CAREER AS
A GEOLOGIST EILEEN SERVED AS AN
EXECUTIVE FELLOW IN NINETEEN
NINETY FOUR AND BEGAN HER STATE
SERVICE IN NINETEEN NINETY SIX
PRIOR TO JOINING THIS COMMITTEE
I LEAN SERVED AS PRINCIPAL
CONSULTANT FOR THE ASSEMBLY
REVENUE AND TAX COMMITTEE. OF
HER MANY LEGISLATIVE
ACCOMPLISHMENTS I LEAN IS MOST
PROUD OF HELPING DRAFT AND
STAFF LEGISLATION PERTAINING
TO.THE PROHIBITION OF ADVANCE
FEES AND CONNECTIONS WITH
MORTGAGE LOANS A MODIFICATION
ASSISTANCE. REGULATORY
OVERSIGHT OVER MORTGAGE LOAN
ORIGINATORS. AND PROVIDING
MULTIPLE PATHWAYS FOR LOW AND
MODERATE INCOME CALIFORNIANS TO
ESTABLISH CREDIT SCORES AND
IMPROVE THEIR FINANCIAL WELL
BEING. THE CAPITAL COMMUNITY
WILL GREATLY MISS WORKING WITH
EILEEN HERE'S A FEW THOUGHTS
THAT WE WERE ABLE TO GATHER
THAT FROM. PEOPLE WHO WORK
CLOSELY WITH A LEAN OVER THE
YEARS. A QUOTE I WILL ALWAYS
REMEMBER EILEEN AS THE
CONSUMMATE PROFESSIONAL WHO
KNEW THE SUBJECT MATTER
INCREDIBLY WELL NO MATTER HOW
HARD I TRIED TO PREPARE MY
CLIENTS FOR A MEETING WITH A
LEAN SHE ALMOST ALWAYS HAD A
PROBING QUESTION THAT I HADN'T
THOUGHT OF. I WILL MISS HER
INQUISITIVE NATURE HER BALANCED
THOUGHTFUL APPROACH AND HER
INSTITUTIONAL KNOWLEDGE.
ANOTHER QUOTE I LEAN MAKES
LOBBYIST STEP UP THEIR GAME.
YOU EARN TWO YOU LEARN TO
EXPECT THAT SHE WILL KNOW MORE
ABOUT THE SUBJECT MATTER THAN
YOU DO AND WILL ALWAYS ASK THE
RIGHT QUESTIONS. COME WHAT MAY.
FOR YOU PREPARE BETTER YOU
RESEARCH MORE YOU THINK MORE
DEEPLY ABOUT POTENTIAL
QUESTIONS. THE VERY AT THE TIME
OF PROFESSIONAL STAFF WHEN
SPEAKER AND RICH CONVINCED THE
STATE TO ADOPT A FULL TIME
LEGISLATURE AND PROFESSIONAL
LIES THE LEGISLATIVE WORKFORCE.
EILEEN WELL OUR TIME TOGETHER
WAS VERY BRIEF I CANNOT THANK
YOU ENOUGH FOR YOUR GUIDANCE
FOR THE MANY YEARS OF SERVICE
TO THIS INSTITUTION. AND YOUR
DEDICATION TO THIS COMMITTEE
AND THE CALIFORNIA STATE
SENATE. PLEASE ENJOY YOUR
RETIREMENT YOU WILL BE MISSED.
WE HAD SENATOR BRADFORD LEFT
LIKE TO SAY A FEW WORDS THANK
YOU MANAGER AND I TOO WOULD
LIKE TO ADD MY VOICE OF
GRATITUDE AND APPRECIATION TO.
MISS NEW ALL AS IMMEDIATE PAST
YEAR OF SENATE BANKING I CALLED
MUCH OF WHAT HAS BEEN STATED.
I'VE YET TO RUN INTO SOMEONE
WHO IS PREPARED AS EILEEN IS
ALWAYS BRIAN NO REGARDLESS OF
WHAT THE SUBJECT MATTER WAS-
AND MADE ME A BETTER TEAR AND I
APPRECIATE THAT ON ON REALLY
ISSUES THAT. SOME THAT I WOULD
VERY MUCH I'M FAMILIAR WITH BUT
I ALWAYS KNEW WHEN I WALKED IN
THERE I WAS I HAD ALL THE
RESOURCES NECESSARY TO MOVE THE
AGENDA. AND MAKE SURE THAT
PEOPLE OF CALIFORNIA WAS BEST
SERVED SPECIALLY AND A CRITICAL
AREA LIKE FINANCED FINANCING
BANKING WHICH IS SO IMPORTANT
AND AS ARCHER STATED THE WORK
IF YOU DONE TO MAKE SURE THAT-
DISADVANTAGED FOLKS ARE NOT
TAKING ADVANTAGE OF THE VARIOUS
FINANCIAL- LENDING SCHEMES AND-
PROGRAMS ARE OUT THERE SO WE
ALWAYS LOOK AT IT WITH A FINE
TOOTH. COMB AND I AGAIN I
APPRECIATE YOUR EAGERNESS TO
ALWAYS COME IN AND BRIEF ME AND
BRIEFED THE COMMITTEE ALL THE
COMMITTEE MEMBERS. AND I GUESS
YOU'RE GONNA BE SORELY MISSED I
MEAN IT AND WE WANT TO SAY
THANK YOU NOT ONLY TO THIS
COMMITTEE BUT TO THE STATE OF
CALIFORNIA. AND I KNOW YOU'RE
PROUD TO BE OFF AND RUNNING AND
WHEN I SAY RUNNING I MEAN
LITERALLY RUNNING SHE IS A
RUNNER. AND- SHE'S ALWAYS
RUNNING IN THE BUILDING AND
RUNNING ACROSS THE STREET AND-
SO I KNOW SHE'LL STILL BE
ACTIVE AT THAT SO ENJOY
RETIREMENT. TAKE TIME TO SMELL
THE ROSES AND ENJOY YOUR.
FAMILY AND FRIENDS- BUT THANK
YOU FOR YOUR SERVICE. YEAH
THANK YOU VERY MUCH SO MEMBERS-
AT THIS TO EILEEN WOULD YOU
LIKE TO SAY A COUPLE WORDS. I'M
TREMENDOUSLY HONORED- IT HAS
BEEN AN ABSOLUTE PRIVILEGE TO
HAVE THE OPPORTUNITY TO WORK IN
THIS BUILDING WITH THE PEOPLE
WHO- HAVE BEEN ELECTED TO SERVE
CALIFORNIANS FOR THE LAST
TWENTY THREE PLUS YEARS I'M
GOING MISS- MY SECOND HOME
IMMENSELY- BUT I WILL ALWAYS
ALWAYS HAVE A PLACE IN MY HEART
FOR THE MEMBERS AND THE STAFF
OF THE CALIFORNIA STATE SENATE
AND WILL BE IMMENSELY PROUD FOR
THE OPPORTUNITIES THAT I'VE
BEEN GIVEN TO SERVE ALL OF YOU.
SO THANK YOU VERY VERY MUCH.
THANK YOU EILEEN. MEMBERS THIS
BRINGS US TO THE END OF OUR
HEARING I IT WILL WE WILL GO
AHEAD AND WE WILL DO ADD ONS
FOR MEMBERS WHO MISSED VOTES OF
THE A DO WANT TO ACKNOWLEDGE
THAT WE'VE GOTTEN THROUGH ALL
OVER HERE- COMMITTEE BILLS. SO
WE WILL START WITH THE ADAMS.
ALL RIGHT WE WILL START WITH SB
TWO EIGHTEEN PLEASE CALL THE
ROLL. IT CENTER THAT THE RULES
WERE ADOPTED BY UNANIMOUS
CONSENT BUT I BELIEVE THAT YOU
NEED TO ADD ON TO S. B. TWO
EIGHTEEN AND A FEW OTHERS- THE
MOTION ON SB TWO EIGHTEEN IS TO
PASS BUT FIRST BE REFERRED TO
THE COMMITTEE ON JUDICIARY.
ULTRABOOK HI. PAGE OR TROUBLED
BY. DIALING COURTROOM. OKAY YOU
CAN PUT IT BACK ON THANK YOU
WILL CLOSE THAT ROLE AND THE
NEXT WILL GO TO SB TWO EIGHT
EIGHT. OUR MOTION IS TO PASS
BUT FIRST BE REFERRED TO THE
COMMITTEE ON JUDICIARY. A TO A
BOOK HI. BUT TROUBLED BY DOLLY.
THE RUSSELL HUESO. THANK YOU WE
WILL GO TO SB THREE SIXTY. THE%
MOTION IS TO PASS BUT FIRST BE
REFERRED TO THE COMMITTEE ON
JUDICIARY ULTRABOOK HI
PHOTOBOOK I DID ASSUME. HUESO.
ALL RIGHT HE WILL GO TO SB. TWO
SIX NINE. SB TWO SIX NINE THE
MOTION IS TO PASS BUT FIRST BE
RE REFER TO THE COMMITTEE ON
APPROPRIATIONS DOLLY. RUSSELL
WAS SO THANK YOU THEN WE WILL
GO TO S. B. TWO THREE NINE THE
CONSENT CALENDAR. THE CONSENT
CALENDAR- THE MOTION IS ADOPTED
CONSENT CALENDAR DOLLY. DALY I
DID ASSUME. HUESO HUESO HI. WE
WILL START FROM. THE BEGINNING
SB. TWO EIGHTEEN. SB TWO
EIGHTEEN DO PASSED THE FIRST BE
REFERRED TO THE COMMITTEE ON
JUDICIARY DALI DALI I WAS SO
WAS SO I'D BILLION YOU FIND OUT
THE BILL IS OUT WITH NINE
VOTES. SB TWO EIGHTY EIGHT
MOTION IS TO PASS BUT FIRST BE
REFERRED TO THE COMMITTEE ON
JUDICIARY DOLLY. DALY I DID
ASSUME. WHAT'S SO HUESO HI.
EACH YEAR RATE WE WILL LEAVE
THAT BILL OF THAT ROLE OPEN SB
THREE SIXTY SB THREE SIXTY DO
PASSED BUT FIRST BE REFERRED TO
THE COMMITTEE ON JUDICIARY DO
IT ALSO. HI SO HUESO I'D ALSO
EIGHT ZERO THANK YOU WE WILL
NOT GO TO SB TWO SIX NINE. THE
MOTION IS TO PASS BUT FIRST BE
REFERRED TO THE COMMITTEE ON
APPROPRIATIONS DALI. DALI I DID
ASSUME. HUESO QUESTO I'D- EIGHT
ZERO IRATE WE WILL LEAVE THE
THAT HAS EIGHT EIGHT ZERO WE
WILL LEAVE IT OPEN FOR
ADDITIONAL MEMBERS TO ADD ON.
THE ONLY. IT ALSO IS THE ONLY
WAY. OKAY THE REST OF. THE
FAMILY. RIGHT NOW OVER.
YEAH.
HE'S VERY COOL. IRATE WE WILL
DO ADD ON'S WE WILL START WITH
A S. B. TWO EIGHT EIGHT. WE'RE
WE'RE GOOD WE'RE NINE ZERO ONE
S. B. TWO EIGHTEEN FOR THAT
THAT. TWO EIGHTY SISTER S. M.
SENATE BILL TWO EIGHTEEN IS OUT
WITH NINE VOTES NOW WE'RE
MOVING ON TO SB TWO EIGHT EIGHT.
SB TWO EIGHT EIGHT THE MOTION
IS DUE PASSED THE FIRST BE RE
REFER TO THE COMMITTEE ON
JUDICIARY DID ALSO. I DID SO
I'D- NINE ZERO THE BILL OF THAT
BILL IS OUT WITH NINE ZERO.
THEN WE WILL MOVE ON TO SB
THREE SIX ZERO. THE MOTION IS
TO PASS BUT FIRST BE REFERRED
TO THE COMMITTEE ON JUDICIARY
SENATOR DID AWESOME I DID ALSO
HI NINE ZERO THAT BELIEVE THAT
THAT BILL IS OUT WITH NINE
ZERO. VOTES NEXT WE WILL MOVE
ON TO SB TWO SIX NINE BUT
MOTION IS TO PASS BUT FIRST BE
RE REFER TO THE COMMITTEE ON
APPROPRIATIONS SENATOR DID ALSO
I DID SO I. NINE ZERO THAT BILL
IS OUT WITH NINE ZERO. AND
FINALLY WE WILL GO ON TO
CONSENT CALENDAR SB TWO THREE
NINE. BUT MOTION IS TO ADOPT
THE CONSENT CALENDAR CENTER DID
ALSO I DO THAT SO I. THANK YOU
THE CONSENT CALENDAR IS ADOPTED
THANK YOU VERY MUCH MEMBERS
THIS HEARING WILL ADJOURN.