Finance lenders.

Existing law, the California Finance Lenders Law, provides for the licensure and regulation of finance lenders and brokers. The California Finance Lenders Law exempts commercial bridge loans from the application of its provisions and defines a commercial bridge loan to require, among other things, that the loan have a maturity date not to exceed one year, as specified. This bill would exempt from the California Finance Lenders Law a venture capital investment made by a venture capital company in an equity security, as defined, issued by an operating company, would revise the definition of commercial bridge loan to extend the permitted maturity date to 3 years, and would make a technical, nonsubstantive change.