California 2009-2010 Regular Session Status: To Executive

SB 204 — Financial transactions: escrow agents: exchange facilitators.

Last action — Chaptered by Secretary of State. Chapter 568, Statutes of 2009.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 568, Statutes of 2009.

  2. Approved by Governor.

  3. Enrolled. To Governor at 10:30 a.m.

  4. Senate concurs in Assembly amendments. (Ayes 38. Noes 0. Page 2336.) To enrollment.

  5. From committee: That the Assembly amendments be concurred in. (Ayes 11. Noes 1. Page 2352.)

  6. Set for hearing September 8.

  7. 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.

  8. Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.

  9. In Senate. To unfinished business.

  10. Read third time. Passed. To Senate.

  11. Assembly Rule 69(d) suspended.

  12. Read third time. Amended. (Page 2885.) To third reading.

  13. Read third time. Amended. (Page 2757.) To third reading.

  14. Read second time. To third reading.

  15. (Heard in committee on July 15.)

  16. From committee: Do pass. (Ayes 16. Noes 0.)

  17. (Heard in committee on June 29.)

  18. From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 10. Noes 1.) Re-referred to Com. on APPR.

  19. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B. & F.

  20. To Com. on B. & F.

  21. In Assembly. Read first time. Held at Desk.

  22. Read third time. Passed. (Ayes 33. Noes 1. Page 793.) To Assembly.

  23. Read second time. To third reading.

  24. From committee: Do pass. (Ayes 12. Noes 0. Page 655.)

  25. Set for hearing April 27.

  26. Read second time. Amended. Re-referred to Com. on APPR.

  27. From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 11. Noes 0. Page 556.)

  28. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on B., F. & I.

  29. Set for hearing April 15.

  30. To Com. on B., F. & I.

  31. From print. May be acted upon on or after March 26.

  32. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Benoit · Primary
  • Runner · Cosponsor
  • Hagman · Cosponsor
  • Huff · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 3 co-sponsors · 118 not signed on

Sponsors (1)

  • Benoit

Co-sponsors (3)

  • Runner
  • Hagman
  • Huff

Not signed on (118)

118 members have not signed on to this bill.

Show all 118 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Unfinished Business SB204 Benoit

Passed 39 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 36002
Democratic 2000
Republican 1000
Total 39002
% of votes cast 95%0%0%5%
How each member voted (41)
Member Party Vote
Yee — Yea
Hancock — Yea
Cedillo — Yea
Harman — Yea
Hollingsworth — Yea
Cogdill — Yea
Corbett — Yea
Huff — Yea
Kehoe — Yea
Liu — Yea
McLeod — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Alquist — Yea
Benoit — Yea
Ducheny — Yea
Dutton — Yea
Pavley — Yea
Romero — Yea
Simitian — Yea
Walters — Yea
Wiggins — Yea
Wolk — Yea
Wright — Not Voting
Aanestad — Yea
Ashburn — Yea
Leno — Yea
Maldonado — Yea
Oropeza — Yea
Price — Yea
Steinberg — Yea
Wyland — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Florez — Not Voting
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

SB 204 Benoit Senate Third Reading By HAGMAN

Passed 83 Yea · 1 Nay · 7 Other
Party YeaNayPresentNot Voting
Unaffiliated 77107
Democratic 3000
Republican 3000
Total 83107
% of votes cast 91%1%0%8%
How each member voted (91)
Member Party Vote
Hall — Yea
Bill — Yea
Tom — Yea
Adams — Yea
Beall — Yea
Charles — Yea
Feuer — Yea
Fuentes — Yea
Furutani — Yea
Galgiani — Yea
De — Yea
La — Yea
Torre — Yea
Gilmore — Yea
Yamada — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
Carter — Yea
Conway — Yea
Cook — Yea
Hagman — Yea
De — Not Voting
Anderson — Nay
Buchanan — Yea
Duvall — Yea
Harkey — Yea
Hayashi — Yea
Hill — Yea
Huber — Yea
Jeffries — Yea
Krekorian — Yea
Logue — Yea
Mendoza — Yea
Miller — Yea
Nava — Yea
Nestande — Yea
Ruskin — Yea
Silva — Yea
Skinner — Yea
Smyth — Yea
Swanson — Yea
Torlakson — Yea
Torrico — Yea
Tran — Yea
Leon — Not Voting
Knight — Not Voting
Ammiano — Not Voting
Bass — Yea
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Hernandez — Yea
Huffman — Yea
Lieu — Yea
Ma — Yea
Monning — Yea
Nielsen — Yea
Solorio — Yea
Torres — Yea
Villines — Yea
Chesbro — Yea
Emmerson — Yea
Coto — Yea
Eng — Yea
Evans — Not Voting
Davis — Not Voting
DeVore — Not Voting
Fuller — Yea
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass.

Passed 21 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 19000
Democratic 1000
Republican 1000
Total 21000
% of votes cast 100%0%0%0%
How each member voted (21)
Member Party Vote
Charles — Yea
De — Yea
Leon — Yea
John — Yea
A. — Yea
Perez — Yea
Audra — Yea
Fuentes — Yea
Hall — Yea
Coto — Yea
Duvall — Yea
Nielsen — Yea
Skinner — Yea
Torlakson — Yea
Ammiano — Yea
Harkey — Yea
Miller — Yea
Solorio — Yea
Davis — Yea
Calderon, Lisa Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Senate 3rd Reading SB204 Benoit

Passed 34 Yea · 1 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 30105
Democratic 3000
Republican 1000
Total 34105
% of votes cast 85%3%0%13%
How each member voted (40)
Member Party Vote
Yee — Yea
Hancock — Yea
Wyland — Yea
Cedillo — Not Voting
Cogdill — Yea
Harman — Yea
Huff — Yea
Kehoe — Yea
Negrete — Yea
Corbett — Yea
Leno — Yea
Liu — Yea
Alquist — Yea
Benoit — Yea
Ducheny — Yea
Dutton — Yea
McLeod — Yea
Oropeza — Nay
Pavley — Yea
Wiggins — Yea
Wolk — Yea
Runner — Not Voting
Aanestad — Not Voting
Ashburn — Yea
Hollingsworth — Yea
Maldonado — Yea
Romero — Yea
Simitian — Not Voting
Steinberg — Yea
Walters — Yea
Wright — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Not Voting
Denham — Yea
Florez — Yea
Calderon, Lisa Democratic Yea
Lowenthal, Josh Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass.

Passed 12 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 12001
Total 12001
% of votes cast 92%0%0%8%
How each member voted (13)
Member Party Vote
Yee — Yea
Hancock — Yea
Runner — Yea
Kehoe — Yea
Corbett — Yea
Walters — Yea
Wolk — Yea
Leno — Yea
Oropeza — Yea
Wyland — Not Voting
Cox — Yea
DeSaulnier — Yea
Denham — Yea

Official roll call →

Do pass as amended, and re-refer to the Committee on Appropriations.

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 3000
Unaffiliated 8001
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Runner — Yea
Harman — Yea
Kehoe — Yea
Liu — Yea
Wolk — Yea
Cogdill — Yea
Correa — Not Voting
Cox — Yea
Florez — Yea
Calderon, Lisa Democratic Yea
Lowenthal, Josh Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 204 do?
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.
Who sponsors SB 204?
SB 204 is sponsored by Benoit, Runner, Hagman, and Huff.
What is the current status of SB 204?
This bill died with 2009-2010 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 204?
Track SB 204 free on One Click Politics — get push/email alerts when it moves.

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