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

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	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.	us/states/ca	California Legislature	20192020	SB 540	California SB 540 (20192020)	bill	Nonprofit public benefit corporations.	enacted	Jones	6	25	6	2019-02-21	2019-09-05	openstates	ocd-bill/ff8b68f1-0db9-4fe4-a443-8d7127b36fab	http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200SB540	8027afeb90aebdef5fadede5405d949d31165d7a883d4b78272f41a15992442a	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	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
2. 04/11/19 - Amended Senate (committee substitute) — source
3. 04/30/19 - Amended Senate (committee substitute) — source
4. 09/05/19 - Chaptered (committee substitute) — source
5. SB540 (committee substitute) — source
6. 08/23/19 - Enrolled (enrolled) — source

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; origin ocd-bill/ff8b68f1-0db9-4fe4-a443-8d7127b36fab. Confidence: reported (aggregated from official California legislature records).