CA SB1058

Establishes the Victims of Corporate Fraud Compensation Fund administered by the Secretary of State to provide restitution to victims of corporate fraud up to $50,000 per claimant per judgment.

Allows aggrieved persons with final judgments against corporations for fraud, misrepresentation, or deceit (made with intent to defraud) to apply for payment from the fund within 18 months of judgment becoming final.

Requires corporations and foreign corporations to pay a $5 annual disclosure fee when filing statements with the Secretary of State, with half deposited into the Victims of Corporate Fraud Compensation Fund.

Establishes procedures for the Secretary of State to review applications, notify corporations of claims, and render decisions within 90 days; allows claimants to appeal denials in superior court within six months.

Requires corporations that receive payments from the fund to reimburse the fund plus interest within 30 days, with suspension of the corporation for non-payment; makes filing false documents under this chapter a criminal offense punishable by up to one year in jail or $1,000 fine.