No provision of this law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written interpretive opinion of the commissioner, or any such opinion of the Attorney General, notwithstanding that the rule, form, permit, order, or written interpretive opinion may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Part 8GENERAL PROVISIONS
Section § 25700
If someone acts according to a rule or official opinion issued by a state commissioner or the Attorney General, they won't be held liable just because that rule or opinion changes or is later found to be wrong. Basically, if you follow the official guidance in good faith, you're protected even if it turns out to be invalid later.
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Section § 25701
This law states that if you're buying a security, any agreement that tries to make you give up your legal rights under this law is invalid.
Any condition, stipulation or provision purporting to bind any person acquiring any security to waive compliance with any provision of this law or any rule or order hereunder is void.
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Section § 25702
If someone is supposed to have a formal hearing under the Administrative Procedure Act, they can choose to have the Department of Financial Protection and Innovation handle the hearing instead, as long as both they and the commissioner agree. Once this alternative hearing happens, they can't ask for any more administrative solutions within the agency.
Whenever a person is entitled under this law to a hearing in accordance with the provisions of the Administrative Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, a formal hearing before the Department of Financial Protection and Innovation may be substituted with the consent of such person and of the commissioner for such hearing before an independent hearing officer; and in that case after such hearing before the Department of Financial Protection and Innovation such person shall not be entitled to any further administrative remedy.
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Section § 25703
This section basically says that if one part of the law is found to be invalid or doesn't apply, it won't affect the rest of the law. The other parts can still work independently and are designed to stand on their own.
If any provision of this law or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this law which can be given effect without the invalid provision or application, and to this end the provisions of this law are declared to be severable.
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Section § 25704
This California law specifies how legal actions related to events before the law took effect should be handled. For lawsuits on old cases, you must follow the old laws and file them within certain time limits, not exceeding three years from this law's start. All existing permits, orders, and registrations continue to be valid under the old rules, though they're now treated as part of this new law. Applications filed before January 1, 1969, can be processed under the old law if they comply. Any review of administrative decisions that hasn't started by the law's start follows new review rules, but must comply with time limits set when the order was made.
(a)CA Corporations Code § 25704(a) Except as expressly provided in this section, prior law exclusively governs all suits, actions, prosecutions or proceedings which are pending or may be initiated on the basis of facts or circumstances occurring before the effective date of this law.
(b)CA Corporations Code § 25704(b) No civil suit or action may be maintained to enforce any liability or to establish that any securities are void under prior law unless brought within any period of limitation which applied when the cause of action accrued and, in any event, within three years after the effective date of this law.
(c)CA Corporations Code § 25704(c) All effective permits, certificates, orders, consents, and registrations under prior law, all administrative orders relating to the same and all conditions imposed upon the same remain in effect so long as they would have remained in effect if this law had not been enacted. They are considered to have been filed, entered, or imposed under this law, but are governed by prior law. Certificates dated as of January 1, 1969, may be issued by the commissioner after the effective date of this law pursuant to applications filed prior thereto and shall be considered to have been issued under the prior law. Applications for permits filed prior to January 1, 1969, may subsequently be processed without amendment if they comply with prior law, but thereafter shall be otherwise governed by this law.
(d)CA Corporations Code § 25704(d) Judicial review of all administrative orders as to which review proceedings have not been instituted by the effective date of this law are governed by Section 25609, except that no review proceeding may be instituted unless the petition is filed within any period of limitation which applied to a review proceeding when the order was entered.
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Section § 25705
This law clarifies that whenever you see a mention of 'the Corporate Securities Law' in any California laws or statutes, it is specifically talking about the Corporate Securities Law of 1968.
All references to “the Corporate Securities Law” in any code or statute of the State of California shall hereafter be deemed to be references to the Corporate Securities Law of 1968.
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Section § 25706
This section explains how permits, orders, and other legal matters under the now-repealed Real Estate Syndicate Act are handled. Any existing permits and orders continue to be valid, but are considered to be filed under the new law. If changes are needed, they must align with the current legal division's rules. Applications in process when this law took effect are to follow the old rules until decided. Actions related to past events must still adhere to the rules of the former act. Civil suits must respect the time limits for action. For reviewing administrative orders not yet under review, the process now follows a specific section unless started within the original time limit, with some decisions still governed by 1977 rules.
(a)CA Corporations Code § 25706(a) All effective permits, orders, and consents under the Real Estate Syndicate Act, all administrative orders relating to the Real Estate Syndicate Act, and all conditions imposed upon the Real Estate Syndicate Act remain in effect so long as they would have remained in effect if such act had not been repealed, but shall be considered to have been filed, entered, or imposed under this law. An application to amend, extend, modify, revoke, or set aside any such permits, orders, or consents shall be filed under and be subject to the provisions of this division.
(b)CA Corporations Code § 25706(b) Any application pending under the Real Estate Syndicate Act, upon the effective date of this section, shall be processed by the Real Estate Commissioner pursuant to the provisions of the Real Estate Syndicate Act in effect on December 31, 1977, until such application is granted or denied by such commissioner.
(c)CA Corporations Code § 25706(c) Except as expressly provided by this section, the Real Estate Syndicate Act continues to govern all suits, actions, prosecutions, or proceedings which are pending prior to, or which may be initiated thereunder on the basis of facts or circumstances occurring prior to, the effective date of this section.
(d)CA Corporations Code § 25706(d) No civil suit or action may be maintained to enforce any liability under the Real Estate Syndicate Act, unless brought within any period of limitation which applied the time the cause of action accrued.
(e)CA Corporations Code § 25706(e) Judicial review of all administrative orders under the Real Estate Syndicate Act as to which review proceedings have not been commenced prior to the effective date of this section shall be governed by Section 25609, except that no review proceeding may be commenced unless the petition is filed within the applicable period of limitation which applied to a review proceeding when the order was issued and except that judicial review of administrative orders of the Real Estate Commissioner made pursuant to subdivision (b) shall be governed by the provisions of law applicable to such proceedings on December 31, 1977.
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Section § 25707
This law states that all permits, orders, and their conditions related to certain real estate provisions will stay valid for their original duration even after the law gets repealed. After repeal, they will be treated as if issued under the new division. For changing or revoking a permit, you need to follow the new procedures. Any application for real estate permits that was pending at the time the law took effect will be processed under the old rules until a decision is made. Legal actions related to these permits must follow the old rules unless explicitly stated otherwise. Lawsuits enforcing liabilities must be filed within the original legal time limits. Judicial reviews not started before the new law must follow current review laws but must adhere to the time limits in place when the order was issued.
(a)CA Corporations Code § 25707(a) All permits and orders issued under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, and all conditions imposed pursuant to those provisions, shall remain in effect for the period of time that they would have remained in effect if those provisions had not been repealed by the act enacting this section. Following the repeal of those provisions, the permits, orders, and conditions shall be deemed to have been issued or imposed under this division. An application to amend, extend, modify, revoke, or set aside a permit or order shall be filed under this division and is subject to this division.
(b)CA Corporations Code § 25707(b) An application pending under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, on the effective date of this section, shall be processed by the Real Estate Commissioner subject to those provisions as they were in effect on December 31, 1996, until each application that was pending on the effective date of this section is granted or denied by the Real Estate Commissioner.
(c)CA Corporations Code § 25707(c) Except as expressly provided by this section, all actions, prosecutions, or proceedings under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code that are pending prior to the effective date of this section, or that otherwise could be initiated based on facts or circumstances occurring prior to the effective date of this section, shall be governed by those provisions.
(d)CA Corporations Code § 25707(d) No civil action may be brought to enforce any liability under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code, unless it is brought within the period of limitations that applied to the action at the time the action accrued.
(e)CA Corporations Code § 25707(e) Judicial review of orders under Article 6 (commencing with Section 10237) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code that had not commenced prior to the effective date of this section shall be governed by Section 25609, except that no review proceeding shall be commenced unless the petition is filed within the applicable period of limitations that applied to a review proceeding when the order was issued. Judicial review of an order of the Real Estate Commissioner made pursuant to subdivision (b) shall be governed by the provisions of law applicable to those proceedings on December 31, 1996.
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