BILL NUMBER: AB 690	CHAPTERED  09/27/02

	CHAPTER  939
	FILED WITH SECRETARY OF STATE  SEPTEMBER 27, 2002
	APPROVED BY GOVERNOR  SEPTEMBER 26, 2002
	PASSED THE ASSEMBLY  AUGUST 30, 2002
	PASSED THE SENATE  AUGUST 29, 2002
	AMENDED IN SENATE  AUGUST 28, 2002
	AMENDED IN SENATE  AUGUST 21, 2002
	AMENDED IN SENATE  AUGUST 7, 2002
	AMENDED IN SENATE  AUGUST 21, 2001
	AMENDED IN ASSEMBLY  MAY 29, 2001
	AMENDED IN ASSEMBLY  MAY 7, 2001
	AMENDED IN ASSEMBLY  APRIL 17, 2001

INTRODUCED BY   Assembly Member Wiggins
   (Principal coauthors:  Assembly Members Liu and Strom-Martin)
   (Principal coauthor:  Senator Chesbro)

                        FEBRUARY 22, 2001

   An act to amend Section 32301 of the Financial Code, relating to
financial institutions, and declaring the urgency thereof, to take
effect immediately.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 690, Wiggins.  State Assistance Fund for Enterprise, Business,
and Industrial Development Corporation.
   Existing law defines "community development financial institution"
for certain purposes related to taxation.
   This bill would provide that the State Assistance Fund for
Enterprise, Business, and Industrial Development Corporation
(SAFE-BIDCO) meets the definition of community development financial
institution for purposes of taxpayer eligibility for certain tax
credits.
   This bill would declare that it is to take effect immediately as
an urgency statute.


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


  SECTION 1.  Section 32301 of the Financial Code is amended to read:

   32301.  Except as otherwise provided in this division:
   (a) The Nonprofit Corporation Law shall apply to the corporation.
However, whenever any provision of the Nonprofit Corporation Law
conflicts with any provision of this division, the provision of the
Nonprofit Corporation Law shall not apply and the provision of this
division shall apply.
   (b) The Business and Industrial Development Corporation Law
(Division 15 (commencing with Section 31000)) shall apply to this
corporation.  However, whenever any provision of the Business and
Industrial Development Corporation Law conflicts with any provision
of this division, the provision of the Business and Industrial
Development Corporation Law shall not apply and the provision of this
division shall apply.
   (c) The Small Business Development Corporation Law (Chapter 1
(commencing with Section 14000) of Part 5 of Division 3 of Title 1 of
the Corporations Code) shall apply to the corporation, except that,
to the extent of any conflict between those provisions and this
division, the provisions of this division shall prevail.
   (d) Whenever a conflict exists between any of the following acts,
the conflict shall be resolved by applying the conflicting provision
contained in the act in order of preference as listed in this
subdivision, and the applicable provision shall prevail over the
other conflicting provisions:
   (1) The Business and Industrial Development Corporations Law
(Division 15 (commencing with Section 31000)).
   (2) The Small Business Development Corporation Law (Ch. 1
(commencing with Section 14000), Pt. 5, Div. 3, Corp. C.).
   (3) The Nonprofit Corporation Law (Div. 2 (commencing with Section
5000) Pt. 1, Corp. C.).
   (e) The State Assistance Fund for Enterprise, Business, and
Industrial Development Corporation (SAFE-BIDCO), which was
established by this division, meets the definition of a community
development financial institution for purposes of eligibility
consistent with Sections 12209, 17053.57, and 23657 of the Revenue
and Taxation Code.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect.  The facts constituting the necessity are:
   In order for the provisions of this act to take effect as soon as
possible, it is necessary that this act take effect immediately.