{"id":889,"date":"2022-03-22T07:01:36","date_gmt":"2022-03-22T07:01:36","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/statutes-california-laws\/?page_id=889"},"modified":"2022-05-20T23:48:04","modified_gmt":"2022-05-20T23:48:04","slug":"ab386","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/ab386\/","title":{"rendered":"AB386"},"content":{"rendered":"<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Currrent as of February 4, 2022<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l11sghad-aa8219b45d3e68725f052ce69f7c7fe7\">\n#top .av_textblock_section.av-l11sghad-aa8219b45d3e68725f052ce69f7c7fe7 .avia_textblock{\nfont-size:19px;\n}\n<\/style>\n<section  class='av_textblock_section av-l11sghad-aa8219b45d3e68725f052ce69f7c7fe7 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><h1>Assembly Bill No. 386<\/h1>\n<hr \/>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center\"><strong>Introduced by Assembly Member Cooper<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center\"><strong><br \/>\nFebruary\u00a002,\u00a02021<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center\">An act to add Section 6254.32 to the Government Code, relating to public records.<\/p>\n<p style=\"text-align: center\">LEGISLATIVE COUNSEL&#8217;S DIGEST<\/p>\n<p style=\"text-align: center\">\n<p>AB 386, as amended, Cooper. Public Employees\u2019 Retirement Fund: investments: confidentiality.<\/p>\n<p>Existing law, the California Public Records Act, requires state and local agencies to make their records available for public inspection, unless an exemption from disclosure applies. Existing law excludes from the disclosure requirement certain records regarding alternative investments in which public investment funds invest.<\/p>\n<p>This bill would exempt from disclosure under the act specified records regarding an internally managed private loan made directly by the Public Employees\u2019 Retirement Fund. Under the bill, these records would include quarterly and annual financial statements of the borrower or its constituent owners, unless the information has already been publicly released by the keeper of the information. The bill would prescribe specified exceptions to this exemption from disclosure.<\/p>\n<p>Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest.<\/p>\n<p>This bill would make legislative findings to that effect.<\/p>\n<p>Vote:\u00a0majority\u00a0\u00a0\u00a0Appropriation:\u00a0no\u00a0\u00a0\u00a0Fiscal Committee:\u00a0yes\u00a0\u00a0\u00a0Local Program:\u00a0no<\/p>\n<hr \/>\n<p>THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:<\/p>\n<p><strong>SECTION 1.<\/strong><\/p>\n<p>Section 6254.32 is added to the Government Code, to read:<\/p>\n<p><strong>6254.32.<\/strong><\/p>\n<p>(a)\u00a0For purposes of this section, the following definitions shall apply:<\/p>\n<p>(1)\u00a0\u201cConstituent owner\u201d means a person or legal entity that maintains a direct or indirect ownership interest in the borrower or one of its guarantors or sources of collateral for the loan, including, among others, a stockholder, member, or partner.<\/p>\n<p>(2)\u00a0\u201cPrivate loan\u201d means a loan made pursuant to or evidenced by a loan agreement, debt instrument, or other evidence of indebtedness, if that lending arrangement is exempt from registration as a security under federal securities laws.<\/p>\n<p>(3)\u00a0\u201cPublic investment fund\u201d means the Public Employees\u2019 Retirement Fund described in Section 20170.<\/p>\n<p>(b)\u00a0Notwithstanding any provision of this chapter or other law, the following records regarding an internally managed private loan made directly by a public investment fund shall not be subject to disclosure pursuant to this chapter unless the information has already been publicly released by the keeper of the information:<\/p>\n<p>(1)\u00a0Due diligence materials that are possessed by the public investment fund or that are proprietary to any participating underwriting syndicate, the borrower, or any of the borrower\u2019s constituent owners or guarantors.<\/p>\n<p>(2)\u00a0Private loan agreements and all related documents.<\/p>\n<p>(3)\u00a0Quarterly and annual financial statements of the borrower or its constituent owners.<\/p>\n<p>(4)\u00a0Meeting materials of creditors\u2019 committees.<\/p>\n<p>(c)\u00a0Notwithstanding subdivision (b), the following information contained in records described in subdivision (b) shall be subject to disclosure pursuant to this chapter and shall not be considered a trade secret or otherwise exempt from disclosure:<\/p>\n<p>(1)\u00a0The name and address of each borrower.<\/p>\n<p>(2)\u00a0The dollar amount of each private loan made to each borrower by the public investment fund since inception.<\/p>\n<p>(3)\u00a0The annualized time-weighted return\u00a0and duration\u00a0of each private loan.<\/p>\n<p>(4)\u00a0For each private loan, the aggregate amount of undrawn loan commitments.<\/p>\n<p>(5)\u00a0The amount of principal and interest payments made to the public investment fund by each borrower since the inception of the loan.<\/p>\n<p>(6)\u00a0For each private loan, whether the loan has been in default for six months or longer and any public records related to the default that are in the possession of the public investment fund and another public agency and that are open to inspection or copying upon request of the public made to the other agency.<\/p>\n<p>(d)\u00a0Records related to a public investment fund\u2019s indirect funding of a private loan via a fund or other type of externally managed investment vehicle shall remain subject to Sections 6254.26 and 7514.7.<\/p>\n<p><strong>SEC. 2.<\/strong><\/p>\n<p>The Legislature finds and declares that Section 1 of this act, which adds Section 6254.32 to the Government Code, imposes a limitation on the public\u2019s right of access to the meetings of public bodies or the writings of public officials and agencies within the meaning of Section 3 of Article I of the California Constitution. Pursuant to that constitutional provision, the Legislature makes the following findings to demonstrate the interest protected by this limitation and the need for protecting that interest:<\/p>\n<p>This act strikes a balance between preserving the right of the public to access information about how public funds are invested and protecting the privacy of loan recipients and proprietary information provided to public investment funds.<\/p>\n<hr \/>\n<p>AB386<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-889","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AB386 - California Statutes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/ab386\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AB386 - 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