The bill moved forward on 27th August. AB-1326s movement through the California Senate – it passed the lower chamber in June 2015 – comes as groups supporting and opposing the measure spar over the laws wording. The bill, introduced by Assemblyman Matt Dababneh in February 2015, was amended earlier this summer to include a provisional regulatory on-ramp for nascent companies.
The latest version of the bill, amended as of 18th August, includes a passage that would add new reporting requirements to licensed businesses beyond existing language that mandates annual and quarterly financial audits.
If passed and signed into law, the bill would take effect on 1st July 2016.
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