Fabio
94 lines
7.5 KiB
Markdown
94 lines
7.5 KiB
Markdown
---
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type: "Bill"
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title: "Real estate investments: securities: qualification exemption."
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description: "(1) Existing law, the Real Estate Law, requires any transaction that involves the sale of, or an offer to sell, a note secured directly by an interest in one or more parcels of real property, or the sale of an undivided interest in a note secured directly by one or more parcels of real property, to comply with specified requirements. Existing law limits, to the allowable percentage of the current market value of a property, as specified, the aggregate principal amount of the note or interest sold. Existing law requires a broker to make reasonable efforts to ensure the offer or sale of notes or interest in notes to be secured by a lien on real property or a business opportunity, meets certain criteria, including, among others, that the investment in the notes is suitable and appropriate for the purchaser. To meet this requirement, a broker may obtain a completed investor questionnaire from each person to whom the broker offers or sells the notes and deeds of trust."
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jurisdiction: "us/states/ca"
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legislature: "California Legislature"
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session: "20152016"
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identifier: "SB 647"
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citation: "California SB 647 (20152016)"
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classification: ["bill"]
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subjects: ["Real estate investments: securities: qualification exemption."]
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status: "enacted"
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primary_sponsors: ["Morrell"]
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version_count: 6
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action_count: 26
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vote_count: 7
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first_action: "2015-02-27"
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last_action: "2015-09-03"
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source: "openstates"
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source_identifier: "ocd-bill/1249b5df-b28f-47c1-a627-5874d64f324d"
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source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160SB647"
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source_hash: "fd61cad1efe8464fa7d9a30f43ad4050304ea18e2d910c9ae1106531ea3bff32"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-ca"]
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---
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# California SB 647 (20152016) — Real estate investments: securities: qualification exemption.
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(1) Existing law, the Real Estate Law, requires any transaction that involves the sale of, or an offer to sell, a note secured directly by an interest in one or more parcels of real property, or the sale of an undivided interest in a note secured directly by one or more parcels of real property, to comply with specified requirements. Existing law limits, to the allowable percentage of the current market value of a property, as specified, the aggregate principal amount of the note or interest sold. Existing law requires a broker to make reasonable efforts to ensure the offer or sale of notes or interest in notes to be secured by a lien on real property or a business opportunity, meets certain criteria, including, among others, that the investment in the notes is suitable and appropriate for the purchaser. To meet this requirement, a broker may obtain a completed investor questionnaire from each person to whom the broker offers or sells the notes and deeds of trust.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **02/27/15 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB647&version=20150SB64799INT)
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2. **04/07/15 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB647&version=20150SB64798AMD)
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3. **06/25/15 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB647&version=20150SB64797AMD)
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4. **09/03/15 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB647&version=20150SB64795CHP)
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5. **SB647** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160SB647)
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6. **08/27/15 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB647&version=20150SB64796ENR)
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## Votes
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- Do pass as amended and be re-referred to the Committee on [Appropriations] — **12–0** (pass) · lower
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- 3rd Reading — **36–0** (pass) · upper
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- SB 647 Morrell Consent Calendar Second Day — **79–0** (pass) · lower
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- Do pass, but first be re-referred to the Committee on [Judiciary] — **7–0** (pass) · upper
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- Do pass. To Consent Calendar. — **16–0** (pass) · lower
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- Do pass, but first be re-referred to the Committee on [Appropriations] — **6–0** (pass) · upper
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- Special Consent #7 — **40–0** (pass) · upper
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## Sponsors
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- Morrell — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2015-02-27** Introduced. To Com. on RLS. for assignment. To print. `introduction`
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- **2015-03-02** From printer. May be acted upon on or after April 1.
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- **2015-03-02** Read first time. `reading-1`
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- **2015-03-12** Referred to Coms. on B. & F.I. and JUD. `referral-committee`
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- **2015-03-13** Set for hearing April 15.
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- **2015-04-07** From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I. `referral-committee, reading-2, amendment-passage, committee-passage, reading-1`
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- **2015-04-15** From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 0. Page 617.) (April 15). Re-referred to Com. on JUD. `referral-committee, committee-passage-favorable, committee-passage`
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- **2015-04-21** Set for hearing April 28.
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- **2015-04-29** From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0. Page 819.) (April 28). Re-referred to Com. on APPR. `referral-committee, committee-passage-favorable, committee-passage`
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- **2015-05-01** Set for hearing May 11.
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- **2015-05-11** From committee: Be ordered to second reading pursuant to Senate Rule 28.8. `committee-passage, reading-2`
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- **2015-05-12** Read second time. Ordered to third reading. `reading-2, reading-1`
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- **2015-05-18** Read third time. Passed. (Ayes 36. Noes 0. Page 1022.) Ordered to the Assembly. `reading-3, passage, reading-1`
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- **2015-05-18** In Assembly. Read first time. Held at Desk. `reading-1`
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- **2015-06-01** Referred to Com. on B. & F. `referral-committee`
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- **2015-06-24** From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (June 22). `committee-passage-favorable, committee-passage, amendment-passage`
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- **2015-06-25** Read second time and amended. Re-referred to Com. on APPR. `referral-committee, reading-2, amendment-passage, reading-1`
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- **2015-07-15** From committee: Do pass. Ordered to consent calendar. (Ayes 16. Noes 0.) (July 15). `committee-passage-favorable, committee-passage`
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- **2015-07-16** Read second time. Ordered to consent calendar. `reading-2, reading-1`
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- **2015-08-20** Read third time. Passed. (Ayes 79. Noes 0. Page 2534.) Ordered to the Senate. `reading-3, passage, reading-1`
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- **2015-08-20** In Senate. Concurrence in Assembly amendments pending.
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- **2015-08-25** Ordered to special consent calendar.
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- **2015-08-27** Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2206.) Ordered to engrossing and enrolling. `committee-passage-favorable, amendment-passage`
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- **2015-08-28** Enrolled and presented to the Governor at 3:45 p.m.
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- **2015-09-03** Approved by the Governor. `executive-signature`
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- **2015-09-03** Chaptered by Secretary of State. Chapter 263, Statutes of 2015.
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1249b5df-b28f-47c1-a627-5874d64f324d`. Confidence: reported (aggregated from official California legislature records).
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