(a) If any state agency, including, but not limited to, state agencies acting in a fiduciary capacity, is authorized to invest funds, or to sell or exchange securities, prior approval of the Department of Finance to the investment, sale, or exchange shall be secured.

(b) Every state agency shall furnish the Department of Finance with the reports and in the form, relating to the funds or securities, their acquisition, sale, or exchange, as may be requested by the Department of Finance from time to time.

(c) This section does not apply to the following state agencies:

(1) Any state agency if issuing or dealing in securities authorized to be issued by it.

(2) The State Treasurer.

(3) The Regents of the University of California.

(4) The Employment Development Department.

(5) The Department of Veterans Affairs.

(6) The college named in § 92200 of the Education Code.

(7) The Board of Administration of the Public Employees’ Retirement System.

(8) The State Compensation Insurance Fund.

(9) The California Transportation Commission and the Department of Transportation if acting in accordance with bond resolutions adopted under the California Toll Bridge Authority Act (Chapter 1 (commencing with Section 30000) of Division 17 of the Streets and Highways Code) prior to September 15, 1945.

(10) The Teachers’ Retirement Board of the State Teachers’ Retirement System.

(11) The State Athletic Commission if acting pursuant to § 18882 of the Business and Professions Code with respect to the Boxers’ Pension Fund.

(Amended by Stats. 2022, Ch. 478, Sec. 58. (AB 1936) Effective January 1, 2023.)