Today, California regulates the offer and sale of securities more by exemption than qualification.  In addition, California and other states have lost authority over a significant amount of securities transactions due to federal preemption.  The Sustainable Economies Law Center nonetheless is sponsoring a bill, AB 2751 (Brown), to add two new exemptions to the California Corporate Securities Law of 1968.  According to the sponsor,

California’s securities law makes it very expensive and time-consuming for a small enterprise to obtain the funding it needs, and this bill will create modest exemptions for small-scale farms and community-owned renewable energy enterprises.

Bill Analysis, Assembly Committee on Appropriations (May 11, 2016).  In light of the numerous other available exemptions under federal and state laws, one wonders why there is a need to add additional exemptions targeted at sentimentally favored enterprises.