CA SB1155

Redefines "small business firm" for capital access companies as entities with net worth not exceeding $18,000,000 and average net income no greater than $6,000,000 (previously based on employee count).

Creates new category of "smaller business firm" with net worth not exceeding $6,000,000 and average net income no greater than $2,000,000, requiring licensees to provide at least 20% of financing assistance to these firms.

Allows capital access companies that become Small Business Investment Companies to operate under federal Small Business Administration regulations, with federal violations constituting violations of state law.

Revises conflict of interest provisions to prohibit licensees from providing financial assistance to associates, borrowing from firms they financed, and purchasing property from associates, with limited exceptions and commissioner approval authority.

Modifies securities exemption for nonredeemable securities sold by capital access companies to accredited investors, requiring purchasers to have preexisting relationships with the offeror or sufficient business/financial experience to protect their interests.