Corporate Securities Law of 1968

Title 4, Division 1, Part 8 of the Corporations Code provides general provisions for the California Corporate Securities Law of 1968.

Section 25700 provides that no provision of this law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written interpretive opinion of the commissioner.

Section 25701 states that any condition, stipulation or provision purporting to bind any person acquiring any security to waive compliance with any provision of this law or any rule or order hereunder is void.

Section 25702 says that, whenever a person is entitled under this law to a hearing in accordance with the provisions of the Administrative Procedure Act, a formal hearing before the Department of Financial Protection and Innovation may be substituted with the consent of the person.

Section 25703 provides a severability clause.

Section 25704 states that no civil suit or action may be maintained to enforce any liability or to establish that any securities are void under prior law unless brought within any period of limitation which applied when the cause of action accrued and, in any event, within three years after the effective date of this law.

Section 25706 states that all effective permits, orders, and consents under the Real Estate Syndicate Act, all administrative orders relating to the Real Estate Syndicate Act, and all conditions imposed upon the Real Estate Syndicate Act remain in effect so long as they would have remained in effect if the act had not been repealed, but is considered to have been filed, entered, or imposed under this law.

Section 25707 states that all permits and orders issued remain in effect for the period of time that they would have remained in effect if those provisions had not been repealed by the act enacting this section. Following the repeal of those provisions, the permits, orders, and conditions are deemed to have been issued or imposed under this division.