republic-os/legislation/us/states/ca/20112012/sb-978.md

---
type: "Bill"
title: "Securities transactions: exemption from qualification requirements."
description: "(1) Existing law, the Corporate Securities Law of 1968, regulates the offer and sale of securities in this state by the Commissioner of Corporations. Existing law requires an issuer of securities to qualify with the commissioner the offer and sale of securities unless the transaction is subject to one of several specified exemptions from the qualification requirements. A willful violation of these provisions is a crime."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20112012"
identifier: "SB 978"
citation: "California SB 978 (20112012)"
classification: ["bill"]
subjects: ["Securities transactions: exemption from qualification requirements."]
status: "enacted"
primary_sponsors: ["Vargas"]
version_count: 11
action_count: 33
vote_count: 9
first_action: "2012-01-23"
last_action: "2012-09-27"
source: "openstates"
source_identifier: "ocd-bill/a21792ab-18b8-49d5-bc9d-bf7ce33c5e59"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201120120SB978"
source_hash: "d369bd0ddf7c1ed154de68cc99b87c5c67e728077d959776d23236bbf4edd184"
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 978 (20112012) — Securities transactions: exemption from qualification requirements.

(1) Existing law, the Corporate Securities Law of 1968, regulates the offer and sale of securities in this state by the Commissioner of Corporations. Existing law requires an issuer of securities to qualify with the commissioner the offer and sale of securities unless the transaction is subject to one of several specified exemptions from the qualification requirements. A willful violation of these provisions is a crime.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **01/23/12 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97899INT)
2. **02/23/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97898AMD)
3. **03/15/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97897AMD)
4. **04/19/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97896AMD)
5. **05/15/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97895AMD)
6. **05/25/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97894AMD)
7. **06/18/12 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97893AMD)
8. **08/20/12 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97892AMD)
9. **09/27/12 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97890CHP)
10. **SB978** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201120120SB978)
11. **08/27/12 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB978&version=20110SB97891ENR)

## Votes

- Placed on Appropriations Suspense file. — **7–0** (pass) · upper
- Do pass as amended. — **7–0** (pass) · upper
- Do pass, but re-refer to the Committee on Rules. — **6–0** (pass) · upper
- Do pass and be re-referred to the Committee on Appropriations. — **11–0** (pass) · lower
- Do pass as amended. — **17–0** (pass) · lower
- Unfinished Business SB978 Vargas Concurrence — **37–0** (pass) · upper
- Special Consent #12 — **38–0** (pass) · upper
- Do pass, but re-refer to the Committee on Appropriations. — **8–0** (pass) · upper
- SB 978 Vargas Senate Third Reading By DICKINSON — **77–0** (pass) · lower

## Sponsors

- Vargas — primary (person)
- Blakeslee — principal coauthor (person)
- Price — author (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2012-01-23** Introduced. Read first time. To Com. on RLS. for assignment. To print. `introduction, reading-1`
- **2012-01-24** From printer. May be acted upon on or after February 23.
- **2012-02-02** Referred to Com. on B. & F.I. `referral-committee`
- **2012-02-23** From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I. `reading-2, reading-1, committee-passage, amendment-passage, referral-committee`
- **2012-03-09** Set for hearing April 11.
- **2012-03-15** From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I. `reading-2, reading-1, committee-passage, amendment-passage, referral-committee`
- **2012-04-11** From committee: Do pass and re-refer to Com. on RLS. (Ayes 6. Noes 0. Page 3119.) (April 11). Re-referred to Com. on RLS. `referral-committee, committee-passage, committee-passage-favorable`
- **2012-04-19** Re-referred to Com. on B., P. & E.D. `referral-committee`
- **2012-04-19** From committee with author's amendments. Read second time and amended. Re-referred to Com. on B., P. & E.D. `reading-2, reading-1, committee-passage, amendment-passage, referral-committee`
- **2012-04-20** Set for hearing April 23.
- **2012-04-24** From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0. Page 3259.) (April 23). Re-referred to Com. on APPR. `referral-committee, committee-passage, committee-passage-favorable`
- **2012-04-27** Set for hearing May 7.
- **2012-05-07** Placed on APPR. suspense file.
- **2012-05-15** From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR. `reading-2, reading-1, committee-passage, amendment-passage, referral-committee`
- **2012-05-18** Set for hearing May 24.
- **2012-05-24** From committee: Do pass as amended. (Ayes 7. Noes 0. Page 3589.) (May 24). `amendment-passage, committee-passage, committee-passage-favorable`
- **2012-05-25** Read second time and amended. Ordered to third reading. `reading-2, reading-1, amendment-passage`
- **2012-05-29** Ordered to special consent calendar.
- **2012-05-31** Read third time. Passed. (Ayes 38. Noes 0. Page 3751.) Ordered to the Assembly. `reading-3, reading-1, passage`
- **2012-05-31** In Assembly. Read first time. Held at Desk. `reading-1`
- **2012-06-11** Referred to Com. on B. & F. `referral-committee`
- **2012-06-18** From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F. `reading-2, reading-1, committee-passage, amendment-passage, referral-committee`
- **2012-07-03** From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (July 2). Re-referred to Com. on APPR. `referral-committee, committee-passage, committee-passage-favorable`
- **2012-08-08** Set, first hearing. Referred to APPR. suspense file. `referral-committee`
- **2012-08-16** From committee: Do pass as amended. (Ayes 17. Noes 0.) (August 16). `amendment-passage, committee-passage, committee-passage-favorable`
- **2012-08-20** Read second time and amended. Ordered to second reading. `reading-2, reading-1, amendment-passage`
- **2012-08-21** Read second time. Ordered to third reading. `reading-2, reading-1`
- **2012-08-22** Read third time. Passed. (Ayes 77. Noes 0. Page 6128.) Ordered to the Senate. `reading-3, reading-1, passage`
- **2012-08-22** In Senate. Concurrence in Assembly amendments pending.
- **2012-08-23** Assembly amendments concurred in. (Ayes 37. Noes 0. Page 4766.) Ordered to engrossing and enrolling. `committee-passage-favorable, amendment-passage`
- **2012-08-29** Enrolled and presented to the Governor at 4:30 p.m.
- **2012-09-27** Approved by the Governor. `executive-signature`
- **2012-09-27** Chaptered by Secretary of State. Chapter 669, Statutes of 2012.

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/a21792ab-18b8-49d5-bc9d-bf7ce33c5e59`. Confidence: reported (aggregated from official California legislature records).