HomeMy WebLinkAboutMINUTES - 04241990 - 1.34 -1-034 yO
TO:' BOARD OF SUPERVISORS s L
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FROM: Costa
Phil Batchelor, County Administrator xs
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DATE. April 17 1990 STq-�o�n� County--
SUBJECT: LEGISLATION: AB 2742 (Calderon)
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECONIIENDATION
Indicate that the Board of Supervisors continues to SUPPORT AB
2742 by Assemblyman Calderon which would expand the types of
businesses which must comply with the existing reporting
requirements relating to large currency transactions.
BACKGROUND:
On February 27 , 1990 the Board of Supervisors voted to support AB
2742 by Assemblyman Calderon. On March 27 , 1990 AB 2742 was
amended.
Under existing law, a wide variety of banks and other financial
institutions are required to report to the State Department of
Justice any transactions involving currency or other monetary
instruments in excess of $10,000.
Assembly Calderon has introduced AB 2742 which, as amended March
27, 1990, would expand these record keeping and reporting
requirements by making them applicable to real estate brokers,
escrow agents, title insurers, title companies and escrow
companies. In addition, these record keeping and reporting
requirements would be applicable to transportation dealers,
meaning vehicle dealers, watercraft dealers or a dealer in
aircraft.
Under current law the Franchise Tax Board is authorized, but not
required, to ask an individual to submit any copies of federal
CONTINUED ON ATTACHMENT:Yes YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURES: L%
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
A
CC: ATTESTED PR 2 4 7990
Please see Page 2. PHIL BATCHELOR,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
e
M382 (10/88)
BY DEPUTY
information returns filed relating to cash received in trade or
business. AB 2742 would require the Franchise Tax Board to
require the submission of such forms and would authorize the
Attorney General to inspect a copy of the federal information
return filed with the Franchise Tax Board.
AB 2742 appears to relate directly to provisions of the Board of
Supervisors' war on drugs, and specifically concerns which have
been expressed to the Action Plan Advisory Committee by staff to
Supervisor Fanden and which were subsequently incorporated into
the Action Plan. It, therefore, seems entirely appropriate for
the Board to indicate its support for AB 2742 .
cc: Assemblyman Calderon
County Administrator
District Attorney
Sheriff-Coroner
County Probation Officer
Health Services Director
Drug Program Administrator
Chair, Drug Abuse Advisory Committee
Les Spahnn, SRJ. Jackson, Barish & Associates