§ 27502. — 27502. (Added by Stats. 2024, Ch. 41, Sec. 21.)

California § 27502.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 2.5.
• Title 4.: DIVISION 2.5. Fair Investment Practices by Venture Capital Companies
• Ch. 1.: CHAPTER 1. Fair Investment Practices by Venture Capital Companies

Text

(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.
(2)
The department may publish aggregate results or aggregate information based on the information received pursuant to this chapter.
(b)
The department may use any information collected pursuant to this chapter in furtherance of its statutory duties, including, but not limited to, using the information in a civil action brought by the department under this chapter or other law.
(c)
(1)
A covered entity shall make and keep records related to its obligation under this chapter. All records related to a report delivered to the department pursuant to subdivision (b) of Section 27501 shall be preserved for at least five years after the covered entity delivers the report.
(2)
The commissioner may examine the records of a covered entity to determine their compliance with this chapter using powers set forth in Sections 11180 to 11191, inclusive, of the Government Code and may further require a covered entity to do either of the following:
(A)
Produce documentary material for inspection and copying or reproduce in the form or medium requested by the department.
(B)
File written reports or answers to questions.
(d)
The
department shall charge and collect fees from covered entities to cover the expenses incurred in the administration of this chapter, not to exceed the reasonable costs of that administration.
(1)
The fee per report shall be at least one hundred seventy-five dollars ($175).
(2)
The department may adjust this fee as necessary to meet the reasonable costs of administration.
(e)
(1)
If a covered entity fails to file a report required by subdivision (b) of Section 27501 by April 1 of any year, the department shall notify the covered entity that the covered entity has 60 calendar days from the date of the notification to submit the report without penalty.
(2)
If a covered entity has not submitted a report after the 60 calendar days
described in paragraph (1) has elapsed, the department may pursue all remedies provided under this chapter.

Legislative History

Added by Stats. 2024, Ch. 41, Sec. 21. (SB 164) Effective June 29, 2024.