This part of the law is called the California Commodity Law of 1990. When the law mentions “this law,” it means the parts of this division unless it’s clear it refers to something else. The terms defined in this chapter are used to understand this law.

This section defines a 'board of trade' as any individual or group involved in purchasing or selling commodities, or handling goods for consignment sales, regardless of whether they're officially called a board of trade, an exchange, or another type of marketplace.

A 'business day' is any day that isn't a Saturday, Sunday, or a holiday as outlined in the Government Code.

This law defines the term “Commissioner” as referring specifically to the Commissioner of Financial Protection and Innovation.

This section defines what counts as a 'commodity' for regulatory purposes. Generally, it includes things like agricultural products, metals, minerals, gemstones, fuels, foreign currencies, and other goods. However, it specifically excludes certain coins and artworks. Coins are excluded if their market value is much higher than just the metal value, and artworks are excluded if they are sold by dealers, at auctions, or privately.

This law explains what a 'commodity contract' is. It refers to any agreement for buying or selling commodities mainly for investment, rather than personal use. These contracts can include various types like cash contracts or futures. Unless there's proof otherwise, such contracts are assumed to be for investment purposes. However, if a contract requires the buyer to receive the actual commodity physically within 28 days after paying in full, it doesn't count as a 'commodity contract' under this definition. This condition applies if the delivery is accepted by the buyer, a family member, or someone with a business relationship, and not by the seller or their associates.

This section defines the 'Commodity Futures Trading Commission' as a regulatory agency created by Congress to oversee and manage the Commodity Exchange Act.

This law defines a "CFTC Rule" as any rule, regulation, or order from the Commodity Futures Trading Commission as it was on January 1, 1991, along with any changes made after that. However, if any changes occur, the commissioner can stop those changes from applying to this law within 10 days after they take effect by issuing a rule or order.

This law defines what a 'commodity merchant' is by listing various types of people involved in the trading of commodities. These include futures commission merchants, commodity pool operators, commodity trading advisors, introducing brokers, leverage transaction merchants, and several others who are required to register with the Commodity Futures Trading Commission (CFTC).

This law defines a 'commodity option' as any agreement or contract that grants someone the choice to buy or sell commodities or commodity contracts, without being obligated to do so. This definition covers many types of financial arrangements, like options or guarantees, but excludes options traded on national securities exchanges regulated by the SEC.

This law defines a 'financial institution' as either a national bank, a California-incorporated bank or trust company, a federal savings and loan association, a federal savings bank, or any state-chartered bank in the U.S. that is federally insured and supervised by the state's bank regulator, especially concerning commodity deposit activities.

In this context, 'good funds' refers to money that's confirmed to be immediately accessible, following specific guidelines set by federal Regulation CC.

In this section, the term "person" is defined very broadly. It includes not just individual people but also corporations, partnerships, LLCs, associations, joint stock companies, trusts, unincorporated organizations, governments, and even parts of governments.

This section defines what counts as a "precious metal" under the law. The list includes silver, gold, platinum, palladium, and copper in any form, such as coins or bullion. Additionally, other items can be classified as precious metals if specified by a commissioner.

This law defines the term "purchase price" as all the money that a buyer pays to a seller, or to someone else at the seller's direction, when buying a commodity contract or option. It includes any extra charges like fees, dues, deposits, or handling fees associated with the sale.

In this context, when they talk about a "sale" or "sell," it means any transaction where something is sold for value, including future agreements to sell.