Bill Dodd
- Democratic
- Senator
- District 3
Author
Existing law, the Real Estate Law, provides for the licensure and regulation of real estate brokers by the Real Estate Commissioner. Existing law requires a real estate broker who accepts funds belonging to others in connection with a transaction to deposit all those funds in either a neutral escrow depository, into the hands of the broker's principal, or into a trust fund account, as specified. This bill would authorize certain persons, including, among others, a real estate salesperson licensed to the broker to withdraw funds from a trust fund account of the broker if specifically authorized in writing. The bill would authorize an unlicensed employee of the broker to withdraw funds from the broker's trust fund account if the broker has fidelity bond coverage equal to the maximum amount of the trust funds to which the unlicensed employee has access to at any time. The bill would authorize this bond to have a deductible of up to 5% of the coverage amount, if the employing broker has evidence of financial responsibility and require financial responsibility to be a separate fidelity bond coverage or a cash deposit adequate to cover the amount of the fidelity bond deductible, as specified, or any other evidence of financial responsibility approved by the commissioner. The bill would prohibit an arrangement from relieving the persons authorized by a broker or officer from responsibility or liability in handling trust funds in the broker's custody, as specified.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 216, Statutes of 2015.
Enrolled and presented to the Governor at 3 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 2355.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 11 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 1878.).
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 17).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1347.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 17. Noes 0.) (April 29).
From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 14. Noes 0.) (April 14). Re-referred to Com. on APPR.
From printer. May be heard in committee March 27.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB607 | HTML |
| 02/24/15 - Introduced | |
| 04/23/15 - Amended Assembly | |
| 05/22/15 - Amended Senate | |
| 06/08/15 - Amended Senate | |
| 06/23/15 - Amended Senate | |
| 07/15/15 - Enrolled | |
| 08/17/15 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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