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DBO Urges Securities/Franchise Filers To Use DocQNet

In the plethora of notifications concerning the Covid-19 (coronavirus) issued various government agencies, this one from the California Department of Business Oversight could easily be overlooked.  The gist of the DBO's message is for securities and...

Department of Business Oversight

DBO Expansion Plans To Be Aired On April Fools' Day

California's Governor Gavin Newsom has big plans for the Department of Business Oversight.  These plans were described in his proposed 2020-2021 budget as follows:

"To better reflect its current and future role, DBO’s name will be changed to the...

Department of Business Oversight, Department of Corporations

Will The DBO's New Name Confuse Investors?

This January post discussed Governor Newsom's proposal to rename the Department of Business Oversight.  While I am no fan of the current moniker, I do not favor the Governor's new name - Department of Financial Protection and Innovation. 

The name...

Department of Business Oversight

Will California License Virtual Currency Issuers?

The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq.  The Act currently defines "money transmission" as any of the following:

  • Selling or...

Banking and Financial Institutions, Department of Business Oversight

Governor Proposes To Expand Department Of Business Oversight Authority And Funding

Last week, Governor Gavin Newsom delivered his proposed budget for California's 2020-2021 fiscal year.  The Governor is proposing to rename the Department of Business Oversight as the Department of Financial Protection and Innovation as of the...

Commissioner of Business Oversight, Department of Business Oversight

DBO Warns Of False Flag Email

Impersonating government agencies and officials is nothing new.  The Financial Industry Regulatory Authority, Inc. (FINRA) issued this detailed warning of this practice in 2016.  Two years later, the Securities and Exchange Commission warned of...

Department of Business Oversight

DBO Has Very Few Precedents

The California Administrative Procedure Act provides that an agency's decision in an adjudicative proceeding "may not be expressly relied on as precedent unless it is designated as a precedent decision by the agency".  Cal. Govt. Code § 11425.60(a)....

Department of Business Oversight

What Does The DBO Regulate?

The Department of Business Oversight is more than a securities regulator.  When I headed the Department of Corporations, it was also a health care regulator - administering and enforcing California's Knox-Keene Health Care Service Plan Act of 1975,...

Department of Business Oversight

Department Of Business Oversight Fails In Bid To Deny The Right To A Jury Trial

Article I, Section 16 of the California Constitution "Trial by jury is an inviolate right and shall be secured to all. . . ."  The right may be "inviolate" but it does have limits.  Thus, it is limited to the right as it existed in 1850, when...

Department of Business Oversight

Department Of Business Oversight Found Liable For Investors' Attorney Fees

In 2011, the Department of Business Oversight filed a civil action against Investco Management & Development LLC and its promoters alleging various violations of the securities laws in connection with the offer and sale of LLC membership interests. ...

Department of Business Oversight

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
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