John J Benoit
- Republican
Author
Existing law provides for the licensing and regulation of escrow agents by the Commissioner of Corporations. Existing law, until January 1, 2010, requires each escrow agent to pay an annual license fee of up to $2,800 for each office or location and authorizes the commissioner to additionally levy a special assessment of up to $500, which is required to be paid by the escrow agent within 30 days of receipt of notification by the commissioner, for each office or location in certain circumstances. Commencing January 1, 2010, existing law instead requires each escrow agent to pay to the commissioner the agent's pro rata share of the commissioner's annual administrative costs and expenses, as specified. This bill would repeal the provisions that would require an escrow agent, commencing January 1, 2010, to pay to the commissioner the agent's pro rata share of the commissioner's annual administrative costs and expenses. The bill would, instead, continue the requirement for an escrow agent to pay an annual license fee of up to $2,800 for each office or location. The bill would authorize the special assessment that may be levied by the commissioner to be in an amount of up to $1,000 for each office or location. The bill would require an escrow agent to pay the special assessment within 60 days of notification by the commissioner. Existing law provides that the license of an escrow agent remains in effect until surrendered, revoked, or suspended. Existing law sets forth the procedure for the surrender of the license of an escrow agent, and requires a surrendering licensee to, among other things, tender his or her license and all other indicia of licensure to the commissioner, and submit a closing audit to the commissioner, as specified. Existing law provides that a license is not surrendered until the commissioner has reviewed and accepted the closing audit, made a determination that there is no violation of law, and, in writing, accepted tender of the license. This bill would delete the requirement that the commissioner make a determination that there is no violation of law and instead require a determination that acceptance of the surrender is in the public interest. Existing law requires a person engaging in business as an exchange facilitator, as defined, to comply with certain bonding and insurance requirements that may include, among other things, maintaining a fidelity bond or bond and a policy of errors and omissions insurance executed by an insurer authorized to do business in this state. Existing law authorizes a person to file a claim to recover damages on the bonds, deposits, or letters of credit maintained by an exchange facilitator for a failure to comply with the provisions regulating exchange facilitators. This bill would authorize the fidelity bond or bonds and the policy of errors and omissions insurance maintained by an exchange facilitator to be executed by specified eligible surplus line insurers. The bill would require claims for damages to be subject to the terms and conditions of the bonds, deposits, or letters of credit maintained by an exchange facilitator and would provide that the amounts of those bonds, deposits, or letters of credit shall be reduced to the extent of any payment made.
Chaptered by Secretary of State. Chapter 568, Statutes of 2009.
Approved by Governor.
Enrolled. To Governor at 10:30 a.m.
Senate concurs in Assembly amendments. (Ayes 38. Noes 0. Page 2336.) To enrollment.
From committee: That the Assembly amendments be concurred in. (Ayes 11. Noes 1. Page 2352.)
Set for hearing September 8.
From committee: Pursuant to Senate Rule 29.10 be re-referred to Com. on B., F. & I. (Ayes 5. Noes 0. Page 2227.) Re-referred to Com. on B., F. & I.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.
Assembly Rule 69(d) suspended.
In Senate. To unfinished business.
Read third time. Passed. To Senate.
Read third time. Amended. (Page 2885.) To third reading.
Read third time. Amended. (Page 2757.) To third reading.
Read second time. To third reading.
From committee: Do pass. (Ayes 16. Noes 0.)
(Heard in committee on July 15.)
From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 10. Noes 1.) Re-referred to Com. on APPR.
(Heard in committee on June 29.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B. & F.
To Com. on B. & F.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 33. Noes 1. Page 793.) To Assembly.
Read second time. To third reading.
From committee: Do pass. (Ayes 12. Noes 0. Page 655.)
Set for hearing April 27.
Read second time. Amended. Re-referred to Com. on APPR.
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 11. Noes 0. Page 556.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., F. & I.
Set for hearing April 15.
To Com. on B., F. & I.
From print. May be acted upon on or after March 26.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB204 | HTML |
| 02/23/09 - Introduced | |
| 04/13/09 - Amended Senate | |
| 04/20/09 - Amended Senate | |
| 06/08/09 - Amended Assembly | |
| 08/27/09 - Amended Assembly | |
| 09/02/09 - Amended Assembly | |
| 09/10/09 - Enrolled | |
| 10/11/09 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.