Bill > AB2599

This bill requires textile, tobacco, railroad, shipping, rice, sugar, financial, and insurance companies, referred to as "in-state entities," to submit an affidavit under penalty of perjury, meaning they would be legally liable for false statements, confirming they have searched their records for any involvement in slavery-related transactions, such as buying or selling enslaved people, using them as collateral, providing loans for their purchase, or insuring such activities. The affidavit must include the names of individuals involved and evidence of profit from slavery in the United States, and it must be submitted by July 1, 2027, for companies operating before January 1, 2027, or within 60 days of commencing business for new companies, with updated submissions required upon discovering new information. A designated department will then be responsible for creating a public, digital platform by January 3, 2028, to display these affidavits and reports, along with disaggregated data on company type, historical data, company value, and estimated profits from slavery-related transactions, ensuring this information remains permanently accessible. This measure is intended to address the legacies of slavery and promote public welfare, and while it expands the crime of perjury, it does not require reimbursement for local agencies as the costs are related to creating new legal obligations.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2599