Bill Text: CA AB1150 | 2013-2014 | Regular Session | Introduced

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Bill Title: Security loan agreements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-02-03 - Died at Desk. [AB1150 Detail]

Download: California-2013-AB1150-Introduced.html

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BILL NUMBER: AB 1150	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Fong

                        FEBRUARY 22, 2013

   An act to amend Section 7600 of the Government Code, relating to
security investments.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1150, as introduced, Fong. Security loan agreements.
   Existing law authorizes specified state agencies to enter into
security loan agreements with broker-dealers and with any state or
national banks, as specified. Existing law also states the intent of
the Legislature that, among other things, specified state agencies be
authorized to invest marketable securities by entering into security
loan agreements.
   This bill would make nonsubstantive changes to these provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 7600 of the Government Code is amended to read:

   7600.  It is the intent of the Legislature that  all of the
following occur  :
   (a) Specified state agencies be authorized to invest marketable
securities by entering into security loan  agreements;
  agreements. 
   (b) State agencies  charged with such authority 
 authorized to invest marketable securities  exercise
prudence in making  such agreements;   a
security loan agreement. 
   (c) Sound fiscal management be established with respect to
transactions involving security agreements.