Earlier this week, Shelly Banjo wrote this story for The Wall Street Journal about religious facilities that are unable to meet their debt obligations. Ms. Banjo notes that many religious groups have relied on bond financing to acquire, build or expand their facilities.

As is the case with securities issued by secular enterprises, the offer and sale of securities in California by a religious institution are subject to qualification under the Corporate Securities Law of 1968. Thus, churches, mosques and synagogues selling bonds in California must either qualify the offer and sale of their securities or identify an applicable exemption from qualification.