John M. W. Moorlach
- Republican
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. Existing law authorizes 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. Existing law authorizes 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. Existing law authorizes this bond to have a deductible of up to 5% of the coverage amount, if the employing broker has evidence of financial responsibility and requires 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. This bill would also authorize an unlicensed employee of the broker to withdraw funds if the broker has insurance coverage equal to the maximum amount of the trust funds to which the unlicensed employee has access to at any time. The bill would require, in this context, that bonds and insurance protect the broker from intentional wrongful acts committed by an employee of that business, including theft, dishonest acts, or forgery. The bill would make conforming changes.
Chaptered by Secretary of State. Chapter 248, Statutes of 2017.
Approved by the Governor.
Enrolled and presented to the Governor at 3 p.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 76. Noes 0. Page 2770.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 16. Noes 0.) (July 19).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 15. Noes 0.) (June 27). Re-referred to Com. on APPR.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 1069.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8.
Set for hearing May 15.
May 8 hearing postponed by committee.
Set for hearing May 8.
Withdrawn from committee.
Read second time and amended. Re-referred to Com. on B., P. & E.D.
From committee: Do pass as amended and re-refer to Com. on B., P. & E.D. (Ayes 7. Noes 0. Page 781.) (April 19).
Set for hearing April 19.
April 5 set for first hearing canceled at the request of author.
Set for hearing April 5.
Referred to Coms. on B. & F.I. and B., P. & E.D.
From printer. May be acted upon on or after March 23.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB764 | HTML |
| 02/17/17 - Introduced | |
| 04/24/17 - Amended Senate | |
| 08/25/17 - Enrolled | |
| 09/11/17 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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