Legislation: batch E — CA TN VA VT WA WI WV WY

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

legislation/us/states/ca/20192020/sb-540.md

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+---
+type: "Bill"
+title: "Nonprofit public benefit corporations."
+description: "Existing law prohibits a nonprofit public benefit corporation from lending money or property to a director or officer, or guaranteeing the obligation of a director or officer, without the approval of the Attorney General. However, a nonprofit public benefit corporation is authorized to pay life insurance premiums for insurance on the life of a director or officer if repayment is secured by the proceeds of the policy and its cash surrender value."
+jurisdiction: "us/states/ca"
+legislature: "California Legislature"
+session: "20192020"
+identifier: "SB 540"
+citation: "California SB 540 (20192020)"
+classification: ["bill"]
+subjects: ["Nonprofit public benefit corporations."]
+status: "enacted"
+primary_sponsors: ["Jones"]
+version_count: 6
+action_count: 25
+vote_count: 6
+first_action: "2019-02-21"
+last_action: "2019-09-05"
+source: "openstates"
+source_identifier: "ocd-bill/ff8b68f1-0db9-4fe4-a443-8d7127b36fab"
+source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SB540"
+source_hash: "8027afeb90aebdef5fadede5405d949d31165d7a883d4b78272f41a15992442a"
+vintage: "2026-07-01"
+source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
+retrieved_at: "2026-07-06"
+confidence: "reported"
+tags: ["legislation", "bill", "us-ca"]
+---
+
+# California SB 540 (20192020) — Nonprofit public benefit corporations.
+
+Existing law prohibits a nonprofit public benefit corporation from lending money or property to a director or officer, or guaranteeing the obligation of a director or officer, without the approval of the Attorney General. However, a nonprofit public benefit corporation is authorized to pay life insurance premiums for insurance on the life of a director or officer if repayment is secured by the proceeds of the policy and its cash surrender value.
+
+## Version chain
+
+The bill's text revisions, in order — the diff chain from filing to enrollment.
+
+1. **02/21/19 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200SB540&version=20190SB54099INT)
+2. **04/11/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200SB540&version=20190SB54098AMD)
+3. **04/30/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200SB540&version=20190SB54097AMD)
+4. **09/05/19 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200SB540&version=20190SB54095CHP)
+5. **SB540** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SB540)
+6. **08/23/19 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200SB540&version=20190SB54096ENR)
+
+## Votes
+
+- Do pass as amended, but first amend, and re-refer to the Committee on [Banking and Financial Institutions] — **12–0** (pass) · upper
+- SB 540 Jones Senate Third Reading By Cooley — **68–3** (pass) · lower
+- Do pass. To Consent Calendar. — **14–0** (pass) · lower
+- Do pass and be re-referred to the Committee on [Insurance] with recommendation: To Consent Calendar — **10–0** (pass) · lower
+- Do pass as amended — **6–0** (pass) · upper
+- 3rd Reading — **31–4** (pass) · upper
+
+## Sponsors
+
+- Jones — primary (person)
+
+## Timeline
+
+The legislative action history — every referral, reading, and vote.
+
+- **2019-02-21** Introduced. Read first time. To Com. on RLS. for assignment. To print. `introduction, reading-1`
+- **2019-02-22** From printer. May be acted upon on or after March 24.
+- **2019-03-07** Referred to Coms. on INS. and B. & F.I. `referral-committee`
+- **2019-03-28** Set for hearing April 10.
+- **2019-04-10** From committee: Do pass as amended and re-refer to Com. on B. & F.I. (Ayes 12. Noes 0. Page 652.) (April 10). `committee-passage-favorable, committee-passage, amendment-passage`
+- **2019-04-11** Read second time and amended. Re-referred to Com. on B. & F.I. `reading-1, reading-2, amendment-passage, referral-committee`
+- **2019-04-18** Set for hearing April 24.
+- **2019-04-29** From committee: Do pass as amended. (Ayes 6. Noes 0. Page 872.) (April 24). `committee-passage-favorable, committee-passage, amendment-passage`
+- **2019-04-30** Read second time and amended. Ordered to third reading. `amendment-passage, reading-1, reading-2`
+- **2019-05-06** Read third time. Passed. (Ayes 31. Noes 4. Page 962.) Ordered to the Assembly. `passage, reading-3, reading-1`
+- **2019-05-07** In Assembly. Read first time. Held at Desk. `reading-1`
+- **2019-05-16** Referred to Coms. on B. & F. and INS. `referral-committee`
+- **2019-06-05** June 10 hearing postponed by committee.
+- **2019-06-24** June 24 set for first hearing canceled at the request of author.
+- **2019-07-01** Assembly Rule 56 suspended.
+- **2019-07-09** From committee: Do pass and re-refer to Com. on INS. with recommendation: To consent calendar. (Ayes 10. Noes 0.) (July 8). Re-referred to Com. on INS. `committee-passage-favorable, committee-passage, referral-committee`
+- **2019-07-10** From committee: Do pass. Ordered to consent calendar. (Ayes 14. Noes 0.) (July 10). `committee-passage-favorable, committee-passage`
+- **2019-07-11** Read second time. Ordered to consent calendar. `reading-1, reading-2`
+- **2019-08-12** From consent calendar on motion of Assembly Member Calderon.
+- **2019-08-12** Ordered to third reading.
+- **2019-08-22** Read third time. Passed. (Ayes 68. Noes 3. Page 2803.) Ordered to the Senate. `passage, reading-3, reading-1`
+- **2019-08-22** In Senate. Ordered to engrossing and enrolling.
+- **2019-08-27** Enrolled and presented to the Governor at 3 p.m.
+- **2019-09-05** Approved by the Governor. `executive-signature`
+- **2019-09-05** Chaptered by Secretary of State. Chapter 250, Statutes of 2019.
+
+## Source
+
+OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/ff8b68f1-0db9-4fe4-a443-8d7127b36fab`. Confidence: reported (aggregated from official California legislature records).
+