republic-os/legislation/us/states/ca/20212022/ab-511.md

---
type: "Bill"
title: "Securities transactions: qualification requirements, exemptions, and liability."
description: "The Corporate Securities Law of 1968 requires securities offered or sold in this state in an issuer or nonissuer transaction to be qualified through an application, as specified, unless exempt from the qualification requirements. That law exempts, among other transactions, certain transactions not involving any public offering, as prescribed. That law also makes it unlawful, for a person in connection with the offer, sale, or purchase of a security, to engage in fraudulent or misleading acts or omissions."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20212022"
identifier: "AB 511"
citation: "California AB 511 (20212022)"
classification: ["bill"]
subjects: ["Securities transactions: qualification requirements", "exemptions", "and liability."]
status: "enacted"
primary_sponsors: ["Muratsuchi"]
version_count: 6
action_count: 27
vote_count: 9
first_action: "2021-02-09"
last_action: "2021-10-07"
source: "openstates"
source_identifier: "ocd-bill/0c522fd0-b033-44f5-a68a-aff698620409"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB511"
source_hash: "30e63e7113fcc4088fee2900c16bb2879ad0d79ac199c2f4cc3ef028171a4c11"
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 AB 511 (20212022) — Securities transactions: qualification requirements, exemptions, and liability.

The Corporate Securities Law of 1968 requires securities offered or sold in this state in an issuer or nonissuer transaction to be qualified through an application, as specified, unless exempt from the qualification requirements. That law exempts, among other transactions, certain transactions not involving any public offering, as prescribed. That law also makes it unlawful, for a person in connection with the offer, sale, or purchase of a security, to engage in fraudulent or misleading acts or omissions.

## Version chain

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

1. **02/09/21 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202120220AB511&version=20210AB51199INT)
2. **04/22/21 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202120220AB511&version=20210AB51198AMD)
3. **06/24/21 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202120220AB511&version=20210AB51197AMD)
4. **10/07/21 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202120220AB511&version=20210AB51195CHP)
5. **AB511** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB511)
6. **09/09/21 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202120220AB511&version=20210AB51196ENR)

## Votes

- Do pass — **7–0** (pass) · upper
- AB 511 Muratsuchi Assembly Third Reading — **78–0** (pass) · lower
- Do pass and be re-referred to the Committee on [Appropriations] — **12–0** (pass) · lower
- Special Consent AB511 — **37–0** (pass) · upper
- AB 511 Muratsuchi Concurrence in Senate Amendments — **72–0** (pass) · lower
- Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar — **11–0** (pass) · upper
- Do pass as amended, but first amend, and re-refer to the Committee on [Judiciary] with the recommendation: To Consent Calendar — **9–0** (pass) · upper
- Do pass. — **16–0** (pass) · lower
- Placed on suspense file — **7–0** (pass) · upper

## Sponsors

- Muratsuchi — primary (person)
- Bauer-Kahan — coauthor (person)

## Timeline

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

- **2021-02-09** Read first time. To print. `reading-1`
- **2021-02-10** From printer. May be heard in committee March 12.
- **2021-02-18** Referred to Com. on B. & F. `referral-committee`
- **2021-04-22** From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended. `amendment-introduction, amendment-passage, reading-1, reading-2`
- **2021-04-26** Re-referred to Com. on B. & F. `referral-committee`
- **2021-04-30** Coauthors revised.
- **2021-05-03** From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 29). Re-referred to Com. on APPR. `committee-passage, committee-passage-favorable, referral-committee`
- **2021-05-03** Received by the Desk April 30 pursuant to Joint Rule 61(a)(2).
- **2021-05-12** In committee: Set, first hearing. Referred to APPR. suspense file. `referral-committee`
- **2021-05-20** From committee: Do pass. (Ayes 16. Noes 0.) (May 20). `committee-passage, committee-passage-favorable`
- **2021-05-24** Read second time. Ordered to third reading. `reading-1, reading-2`
- **2021-06-01** Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1727.) `passage, reading-1, reading-3`
- **2021-06-02** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
- **2021-06-09** Referred to Coms. on B. & F.I. and JUD. `referral-committee`
- **2021-06-23** From committee: Amend, and do pass as amended and re-refer to Com. on JUD. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (June 23). `amendment-introduction, amendment-passage, committee-passage, referral-committee`
- **2021-06-24** Read second time and amended. Re-referred to Com. on JUD. `amendment-passage, reading-1, reading-2, referral-committee`
- **2021-07-07** From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (July 6). Re-referred to Com. on APPR. `committee-passage, committee-passage-favorable, referral-committee`
- **2021-08-16** In committee: Referred to suspense file. `referral-committee`
- **2021-08-26** From committee: Do pass. (Ayes 7. Noes 0.) (August 26). `committee-passage, committee-passage-favorable`
- **2021-08-26** Read second time. Ordered to third reading. `reading-1, reading-2`
- **2021-08-31** Ordered to special consent calendar.
- **2021-09-03** Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 2390.). `passage, reading-1, reading-3`
- **2021-09-03** In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 5 pursuant to Assembly Rule 77.
- **2021-09-07** Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 72. Noes 0. Page 2844.). `amendment-passage, committee-passage-favorable`
- **2021-09-13** Enrolled and presented to the Governor at 3 p.m.
- **2021-10-07** Approved by the Governor. `executive-signature`
- **2021-10-07** Chaptered by Secretary of State - Chapter 617, Statutes of 2021. `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/0c522fd0-b033-44f5-a68a-aff698620409`. Confidence: reported (aggregated from official California legislature records).