Andy Vidak
- Republican
Author
The Escrow Law requires the licensing of escrow agents by the Commissioner of Business Oversight, and further requires licensees to participate as members of the Escrow Agents' Fidelity Corporation, a nonprofit corporation established to pay members for loss of trust fund obligations, as specified. The law requires a licensed escrow agent to maintain a bond based on the previous year's average annual trust fund obligations, as specified. This bill would make findings and declarations regarding the role of Fidelity Corporation to support and enhance trust in licensed escrow agents, and specify that Fidelity Corporation is required to indemnify a member escrow agent against loss in accordance with the Escrow Law. The bill would state the intent of the Legislature for the commissioner to utilize the services of private 3rd parties, with prior escrow or escrow conservation, liquidation, or receivership experience, who are independent of the department to perform conservation, liquidation, and receiver functions, and would require the full amount of any penalty revenue, up to $125,000 at any one time, as specified, to be available for use by the commissioner to compensate an appointed conservator, liquidator, or receiver. The bill would also authorize the commissioner to utilize all or a portion of the bond or other required obligations, and all or a portion of a licensee's assets remaining following conservation, liquidation, or receivership to compensate an appointed conservator, liquidator, or receiver. By making this penalty revenue and other revenue available to the commissioner in this regard, this bill would make an appropriation.
August 27 hearing: Held in committee and under submission.
July 15 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (July 6). Re-referred to Com. on APPR.
Read third time. Passed. (Ayes 40. Noes 0. Page 1248.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0. Page 1159.) (May 28).
Set for hearing May 28.
May 18 hearing: Placed on APPR. suspense file.
Set for hearing May 18.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0. Page 813.) (April 29).
Set for hearing April 29.
From printer. May be acted upon on or after April 1.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB736 | HTML |
| 02/27/15 - Introduced | |
| 05/05/15 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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