SB972 modifies the California Financing Law to streamline reporting for SEC-registered investment advisers engaged in commercial lending.

SB972 amends the California Financing Law to streamline the annual reporting requirement for SEC-registered investment advisers involved in commercial lending. Instead of reporting on a per-client account basis, advisers can submit a consolidated report covering all affiliated advisers and their client accounts. The bill also mandates that advisers maintain a surety bond of at least $25,000 per client account, with a minimum total bond amount of $25,000 multiplied by the number of client accounts.

SB972 modifies the California Financing Law to streamline reporting for SEC-registered investment advisers engaged in commercial lending.

SB972 amends the California Financing Law to streamline the annual reporting requirement for SEC-registered investment advisers involved in commercial lending. Instead of reporting on a per-client account basis, advisers can submit a consolidated report covering all affiliated advisers and their client accounts. The bill also mandates that advisers maintain a surety bond of at least $25,000 per client account, with a minimum total bond amount of $25,000 multiplied by the number of client accounts.