§ 31158. — 31158. (Amended by Stats. 2022, Ch. 452, Sec. 92.)

California § 31158.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 5.
• Title 4.: DIVISION 5. FRANCHISE INVESTMENT LAW
• Part 2.: PART 2. REGULATION OF THE SALE OF FRANCHISES
• Ch. 3.: CHAPTER 3. General Provisions

Text

(a)
Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic signatures. This section does not require the commissioner to accept electronic records or electronic signatures.
(b)
For purposes of this section, the following terms have the following meanings:
(1)
“Electronic record” means an initial registration application, registration renewal statement, preeffective amendment, posteffective amendment, or material modification and any other record created, generated, sent, communicated, received, or stored by electronic means. “Electronic record” also includes, but is not limited to, all of the following:
(A)
An application, amendment, supplement, and exhibit, filed for any registration, order, license, consent, or other authority.
(B)
A financial statement, report, or advertising.
(C)
An order, license, consent, or other authority.
(D)
A notice of public hearing, accusation, and statement of issues in connection with any application, registration, order, license, consent, or other authority.
(E)
A proposed decision of a hearing officer and a decision of the commissioner.
(F)
The transcripts of a hearing.
(G)
A release, newsletter, interpretive opinion,
determination, or specific ruling.
(H)
Correspondence between a party and the commissioner directly relating to any document listed in subparagraphs (A) to (G), inclusive.
(2)
“Electronic signature” means an electronic sound, symbol, or process attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the electronic record.
(c)
The Legislature finds and declares that the Department of Financial Protection and Innovation has continuously implemented methods to accept records filed electronically, including broker-dealer and investment adviser applications, and is encouraged to continue to expand its use of electronic filings to the extent feasible, as budget, resources, and equipment are made available to accomplish that
goal.

Legislative History

Amended by Stats. 2022, Ch. 452, Sec. 92. (SB 1498) Effective January 1, 2023.