California 2017-2018 Regular Session Status: In Committee

AB 762 — Title insurers: finances and investments.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

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

This bill died with 2017-2018 Regular Session. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the "title surplus fund." This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. Re-referred to Com. on INS.

  4. From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.

  5. Referred to Com. on INS.

  6. From printer. May be heard in committee March 18.

  7. Read first time. To print.

Sponsors

  • Waldron · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Waldron

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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.

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Subjects

finance housing
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Frequently asked questions

What does AB 762 do?
Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the "title surplus fund." This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.
Who sponsors AB 762?
AB 762 is sponsored by Waldron.
What is the current status of AB 762?
This bill died with 2017-2018 Regular Session. It reached “In Committee” 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 AB 762?
Track AB 762 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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