As noted in yesterday’s post, Secretary of State Shirley N. Weber is asking U.S. District Court Judge R. Gary Klausner to dismiss a challenge to California’s board quota statutes. In her motion to dismiss, the Secretary of State advances the
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Latest from California Corporate & Securities Law Blog
State Seeks Dismissal Of Federal Court Challenge To California Quota Laws
In July, a Texas non-profit membership association filed a complaint in the United States District Court for the Central District (Western Division) of California, Alliance For Fair Board Recruitment v. Weber, Case No. 2:21-cv-05644-RGK-RAO (July 12, 2021). The lawsuit challenges, this
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Identity Thief Impersonates DFPI
It seems that no one’s identity is immune from theft, including financial regulators. Last week, the California Department of Financial Protection & Innovation announced that it received a complaint from a California resident regarding an email sent by someone purportedly
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A New Book Of Exodus
And these are the names of California companies who came out of California . . . . The California Policy Center, which describes itself as “an educational non-profit working for the prosperity of all Californians by eliminating public-sector barriers to
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DFPI Issues Report On California Finance Lenders
As 2021 begins drawing to close, the Department of Financial Protection & Innovation has released its 2020 Annual Report of Finance Lenders, Brokers, and PACE Administrators Licensed Under the California Financing Law. According to the report, the number of licensees
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Study Throws Wet Blanket On Other Constituency Statutes
An “other constituency statute” permit, but do not require, boards of directors to consider non-shareholder interests (such as the interests of employees, the environment, et cetera) when making decisions. California and Delaware are among a handful of states that have
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Is Zero-Fee, Zero Penalty Banking In California's Future?
Last month, Governor Newsom signed AB 1177, the California Public Banking Act. The law’s title is more impressive than accurate, for it does not actually create a public bank. Rather, the law requires the Treasurer to convene a “Blue
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Some Lawyers Must Soon Be Licensed By The DFPI
California had been one of 16 states that did not require licensing of debt collectors. That changed last year with the enactment of the Debt Collection Licensing Act. 2020 Cal. Stats. ch. 163 (SB 908). The DCLA will effect
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Does A Partner Have An Interest In Partnership Property That Can Be Transferred?
Under California’s former general partnership law, a partner was a “coowner with the other partners of specific partnership property holding as a tenant in partnership.” Former Cal. Corp. Code § 15025(1). Whether this was actually the case was somewhat debatable. In all material
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Governor Appoints New Commissioner – Go Bears!
Yesterday, Governor Gavin Newsom has announced the appointment of Clothilde “Cloey” Hewlett to serve as California’s next Commissioner of the Department of Financial Protection and Innovation. Ms. Hewlett has been serving as the executive director of the Cal Alumni Association.
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