Existing law prescribes procedures for the issuance of registered warrants and provides that a registered warrant is acceptable and may be used as security for the performance of any public or private trust or obligation.

This bill would require a state agency to accept, from any person or entity, a registered warrant issued by the Controller that is endorsed by that payee, at full face value, for the payment of any obligations owed by that payee to that state agency.

This bill would declare that it is to take effect immediately as an urgency statute.