Calderon
Author
Existing law requires a mortgage guaranty insurer to maintain a policyholders surplus at all times in an amount not less than that determined pursuant to specified provisions, and defines "face amount of an insured mortgage" for these purposes. Existing law requires a mortgage guaranty insurer to cease new business if the insurer does not have the amount of policyholders surplus required, as specified. This bill would revise the definition of "face amount of an insured mortgage" to exclude the outstanding principal balance of any loan that is in default and for which the insurer has established a loss reserve, as specified. The bill would provide that if a mortgage guaranty insurer will not have the amount of policyholders surplus required, it shall cease transacting new business, as specified, until its policyholders surplus is in compliance. The bill requires that the insurer notify the commissioner at least 60 days prior to the time the policyholders surplus is estimated to fall below the amount required and may at that time request a waiver of the requirements. If the commissioner fails to issue an order in response to the waiver request within 60 days, the insurer may continue transacting new business in California until the commissioner issues an order. The insurer would bear the commissioner's cost of retaining consultants reasonably necessary to evaluate the waiver request, and reimburse the commissioner for the cost of a hearing held, as specified.
Approved by Governor.
Chaptered by Secretary of State. Chapter 574, Statutes of 2009.
Enrolled. To Governor at 1 p.m.
Read third time. Passed. (Ayes 78. Noes 0. Page 3376.) To Senate.
Read third time. Amended. (Page 3375.)
Action rescinded whereby the bill was read a third time, urgency clause adopted, passed, and ordered to the Senate.
In Assembly.
Returned to Assembly for further action.
(Ayes 23. Noes 11. Page 2404.)
Senate concurs in Assembly amendments. (Ayes 32. Noes 0. Page 2426.) To enrollment.
In Senate.
Urgency clause refused adoption.
(Ayes 40. Noes 0. Page 2342.)
Reconsideration granted.
Motion to reconsider made by Senator Calderon.
Senate refuses to concur in Assembly amendments. (Ayes 22. Noes 1. Page 2342.)
From committee: That the Assembly amendments be concurred in. (Ayes 12. Noes 0. Page 2353.)
Set for hearing September 8.
From committee: Pursuant to Senate Rule 29.10 be re-referred to Com. on B., F. & I. (Ayes 3. Noes 0.) Re-referred to Com. on B., F. & I.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.
Read third time. Urgency clause adopted. Passed. (Ayes 74. Noes 0. Page 2763.) To Senate.
In Senate. To unfinished business.
Read second time. To Consent Calendar.
Read second time. Amended. To second reading.
(Heard in committee on August 19.)
From committee: Do pass as amended. To Consent Calendar. (Ayes 17. Noes 0.)
Read second time. Amended. Re-referred to Com. on APPR.
(Heard in committee on July 8.)
From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 10. Noes 0.)
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on INS.
To Com. on INS.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 37. Noes 0. Page 519.) To Assembly.
Read second time. To Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0. Page 396.)
Set for hearing April 1.
To Com. on B., F. & I.
From print. May be acted upon on or after March 28.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB291 | HTML |
| 02/25/09 - Introduced | |
| 06/26/09 - Amended Assembly | |
| 07/13/09 - Amended Assembly | |
| 08/24/09 - Amended Assembly | |
| 09/11/09 - Amended Assembly | |
| 09/15/09 - 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.