Government Code § 82034 - California Law

Current Version

Amended by Stats. 2025, Ch. 85, Sec. 1. (AB 1029) Effective January 1, 2026. Repealed as of January 1, 2027, by its own provisions. See later operative version added by Sec. 2 of Stats. 2025, Ch. 85. Note: This section was added on June 4, 1974, by initiative Prop. 9.

(a)“Investment” means any financial interest in or security issued by a business entity, including, but not limited to, common stock, preferred stock, rights, warrants, options, debt instruments, and any partnership or other ownership interest owned directly, indirectly, or beneficially by the public official, or other filer, or that person’s immediate family, if the business entity or any parent, subsidiary, or otherwise related business entity has an interest in real property in the jurisdiction, or does business or plans to do business in the jurisdiction, or has done business within the jurisdiction at any time during the two years prior to the time any statement or other action is required under this title.

(b)An asset shall not be deemed an investment unless its fair market value equals or exceeds two thousand dollars ($2,000).

(c)The term “investment” does not include a time or demand deposit in a financial institution, shares in a credit union, any insurance policy, interest in a diversified mutual fund registered with the Securities and Exchange Commission under the Investment Company Act of 1940 or in a common trust fund created pursuant to Section 1585 of the Financial Code, interest in a government defined-benefit pension plan, or any bond or other debt instrument issued by any government or government agency.

(d)Investments of an individual includes a pro rata share of investments of any business entity, mutual fund, or trust in which the individual or immediate family owns, directly, indirectly, or beneficially, a 10-percent interest or greater.

(e)The term “parent, subsidiary or otherwise related business entity” shall be specifically defined by regulations of the commission.

(f)This section shall remain in effect only until January 1, 2027, and as of that date is repealed.

Future Version

Repealed (in Sec. 1) and added by Stats. 2025, Ch. 85, Sec. 2. (AB 1029) Effective January 1, 2026. Operative January 1, 2027, by its own provisions.

(a)“Investment” means either of the following:

(1)A financial interest in or security issued by a business entity, including, but not limited to, common stock, preferred

stock, rights, warrants, options, debt instruments, and any partnership or other ownership interest owned directly, indirectly, or beneficially by the public official, or other filer, or that person’s immediate family, if the business entity or any parent, subsidiary, or otherwise related business entity has an interest in real property in the jurisdiction, or does business or plans to do business in the jurisdiction, or has done business within the jurisdiction at any time during the two years prior to the time any statement or other action is required under this title.

(2)A direct or indirect interest in a digital financial asset, as defined in Section

3102 of the Financial Code.

(b)An asset shall not be deemed an investment unless its fair market value equals or exceeds two thousand dollars ($2,000).

any government or government agency.

(e)The term “parent, subsidiary or otherwise related business entity” shall be specifically defined by regulations of the commission.

(f)This section shall become operative January 1, 2027.