Popular Links
Right Column
News Release: 03-09
GRAY DAVIS, Governor
Date: 09/22/03
DEMETRIOS A. BOUTRIS, Commissioner
Department of Corporations Becomes Model for E-Government
Pilot Project Uses Internet Technology to Improve Customer Service
Sacramento, September 22, 2003 — The Davis Administration today announced an innovative online pilot project designed to make securities filing easier for businesses while increasing public access to information about Department of Corporations licensees. California Electronic Access to Securities Information (Cal-EASI) resulted from a public-private partnership between the Department of Corporations, the Department of General Services Statewide eGovernment Initiatives Office, and several California law firms. The demonstration project used cutting-edge technology to produce an online filing service with credit card payment features for the Limited Offering Exemption Notice (LOEN), in accordance with Corporations Code section 25102(f).
"The Cal-EASI system is designed to streamline the investment-filing process and provide California's investment industry with round-the-clock access to forms and services," said California Corporations Commissioner Demetrios A. Boutris. "The Department's goal is to make the securities notification process more efficient for businesses and more accessible and transparent to the public through the use of Internet technology."
LOEN filings are frequently used by small businesses raising capital in California. Notices submitted online using Cal-EASI can be processed within minutes and are made available on the Department of Corporations' Web site, www.corp.ca.gov, within 24 hours.
"We're quite excited about the Department of Corporations' new online filing system. It makes the whole filing process much more efficient, which results in reduced costs for our clients," said Scott Dettmer, Founding Partner, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. "Given the large volume of filings we regularly make for financings and other equity transactions, we were thrilled to be a part of the initial trial and particularly pleased to see this new streamlined system rolled out formally."
The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677).
###