Chapter 4.2. California Foreign Investment Program of California Government Code >> Division 7. >> Title 1. >> Chapter 4.2.
(a) This chapter shall be known and may be cited as the
California Foreign Investment Program.
(b) For purposes of this chapter:
(1) "Director" means the Director of the Governor's Office of
Business and Economic Development.
(2) "Office" means the Governor's Office of Business and Economic
Development.
(3) "Public corporation" means the state, any political
subdivision thereof, any incorporated municipality therein, any
public agency of the state, of any political subdivision thereof, or
of any municipality therein, or any corporate municipal
instrumentality of this state or of this state and one or more other
states.
(4) "EB-5 Investment Program" and the "Foreign Investment Program"
means Section 203(b)(5) of the Immigration and Nationality Act (8
U.S.C. Sec. 1153(b)(5)).
(a) The office shall serve as the lead state entity for
overseeing the state's participation with the United States
Citizenship and Immigration Services' EB-5 Investment Program.
(b) The director shall set the terms and conditions for issuing a
state designation letter for targeted employment areas within the
structure and scope of the EB-5 Investment Program.
(c) (1) A regional center with one or more offices in the state
shall provide the office with contact information for the center and
the geographic region, if applicable, and industry sector or
subsectors recognized by the United States Citizenship and
Immigration Services (USCIS) for that center.
(2) A regional center with one or more offices within this state
shall annually provide information to the office on the number of
clients served, location of investments, and number of direct and
indirect jobs created. The regional center may satisfy this
requirement by submitting a copy of Form I-924A of the USCIS to the
office.
(d) (1) The director shall post on the office's Internet Web site
a list with contact information for each regional center where
information is readily available to the office. The list shall be
updated when new information is made available on at least an annual
basis. The director may also include other relevant information
obtained by the office pursuant to subdivision (c).
(2) The office shall annually report on the number of state
designation letters issued pursuant to subdivision (b) and on the
information provided to the office pursuant to subdivision (c) in
either the office's annual report under Section 13996.65 or in a
separate report to the Legislature submitted pursuant to Section
9795. The information on regional centers and designation letters
shall, to the extent practicable, be provided in the aggregate, by
county, and by legislative district.
Any public or private corporation authorized to establish,
operate, and maintain a regional center whose application is granted
pursuant to the terms of the Immigration and Nationality Act may
establish, operate, and maintain the regional center subject to the
conditions and restrictions of the EB-5 Investment Program, and any
amendments thereto, and any conditions and restrictions established
by the director pursuant to this chapter.
This chapter shall apply only to EB-5 activities of the
state relating to the EB-5 Investment Program occurring on or after
January 1, 2014.