Section 12101.5.

Cal. Financial Code - FIN § 12101.5.
in effect
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In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026

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