California 2019-2020 Regular Session Status: To Executive 1 D cosponsors

AB 412 — Escrow agents: asset requirements.

Last action — Consideration of Governor's veto stricken from file.

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

This bill died with 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, the Escrow Law, requires people engaging in business as escrow agents to be organized as corporations for that purpose, as specified, and appropriately licensed by the Commissioner of Business Oversight. Existing law requires an escrow agent licensed on or after January 1, 1986, to maintain a tangible net worth of $50,000, including liquid assets of at least $25,000 in excess of current liabilities. Existing law requires an escrow agent licensed before January 1, 1986, to maintain a tangible net worth pursuant to a prescribed schedule, the amounts of which, in 1993, matched those required for escrow agents licensed on and after that date. Existing law provides criminal penalties for willful violations of the Escrow Law. This bill would delete the tangible net worth schedule for escrow agents licensed before January 1, 1986, as described above, and eliminate distinctions based on when an agent was licensed in this context. The bill would exclude a liability derived from an operating lease obligation from a licensee's current liabilities for purposes of establishing tangible net worth.

Bill Text

Action History

  1. Consideration of Governor's veto stricken from file.

  2. Consideration of Governor's veto pending.

  3. Vetoed by Governor.

  4. Enrolled and presented to the Governor at 3 p.m.

  5. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 75. Noes 0. Page 2892.).

  6. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 29 pursuant to Assembly Rule 77.

  7. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2288.).

  8. Read second time. Ordered to third reading.

  9. Read third time and amended. Ordered to second reading.

  10. Read second time. Ordered to third reading.

  11. From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

  12. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 5). Re-referred to Com. on APPR.

  13. 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.

  14. Referred to Com. on B. & F.I.

  15. In Senate. Read first time. To Com. on RLS. for assignment.

  16. Read third time. Passed. Ordered to the Senate. (Ayes 76. Noes 0. Page 1360.)

  17. Read second time. Ordered to Consent Calendar.

  18. From committee: Do pass. To Consent Calendar. (Ayes 17. Noes 0.) (April 10).

  19. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 1). Re-referred to Com. on APPR.

  20. Referred to Com. on B. & F.

  21. From printer. May be heard in committee March 10.

  22. Read first time. To print.

Sponsors

  • Sharon Quirk-Silva · Primary
  • Daly · Cosponsor
  • Mullin · Cosponsor
  • Moorlach · Cosponsor

Sponsorship breakdown

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

Sponsors (1)

Co-sponsors (3)

  • Daly
  • Mullin
  • Moorlach

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

AB 412 Quirk-Silva Concurrence in Senate Amendments

Passed 75 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 51001
Democratic 20002
Republican 4001
Total 75004
% of votes cast 95%0%0%5%
How each member voted (79)
Member Party Vote
Fong — Yea
Brough — Yea
Kiley — Yea
Mayes — Yea
Salas — Yea
Mathis — Yea
Frazier — Yea
Bigelow — Yea
Cooley — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Gloria — Yea
Bloom — Yea
Rodriguez — Yea
Santiago — Yea
Obernolte — Yea
Voepel — Yea
Chiu — Yea
Gray — Yea
Holden — Yea
Daly — Yea
Eggman — Yea
Maienschein — Yea
Jones-Sawyer — Yea
Quirk — Yea
Mullin — Yea
Friedman — Yea
Kamlager-Dove — Yea
Levine — Yea
Melendez — Yea
McCarty — Yea
Low — Yea
Nazarian — Yea
Burke — Yea
Cooper — Yea
Wood — Yea
Medina — Yea
Rendon — Yea
Chu — Yea
O'Donnell — Yea
Weber — Yea
Waldron — Yea
Ting — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Not Voting
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Not Voting
Muratsuchi, Al Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

3rd Reading AB412 Quirk-Silva et al. By Caballero

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 26001
Democratic 10000
Republican 3000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Rubio — Yea
Monning — Yea
Wieckowski — Yea
Mitchell — Yea
Bradford — Yea
Wilk — Yea
Beall — Yea
Atkins — Yea
Hill — Yea
Roth — Yea
Morrell — Yea
Hueso — Yea
Dodd — Yea
Moorlach — Yea
Skinner — Yea
Allen — Yea
Borgeas — Yea
Galgiani — Yea
Hertzberg — Yea
Portantino — Yea
Bates — Yea
Glazer — Yea
Nielsen — Yea
Chang — Yea
Pan — Yea
Leyva — Not Voting
Mark Stone — Yea
Archuleta, Bob Democratic Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

AB 412 Quirk-Silva Consent Calendar Second Day

Passed 76 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 46002
Democratic 24001
Republican 6001
Total 76004
% of votes cast 95%0%0%5%
How each member voted (80)
Member Party Vote
Brough — Yea
Kiley — Yea
Mayes — Yea
Salas — Yea
Mathis — Yea
Frazier — Yea
Bigelow — Yea
Cooley — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Gloria — Yea
Bloom — Yea
Rodriguez — Yea
Santiago — Yea
Obernolte — Yea
Voepel — Yea
Chiu — Yea
Holden — Yea
Daly — Yea
Eggman — Yea
Maienschein — Yea
Jones-Sawyer — Yea
Quirk — Yea
Mullin — Yea
Friedman — Yea
Ting — Yea
Kamlager-Dove — Yea
Levine — Yea
Melendez — Yea
McCarty — Yea
Low — Yea
Nazarian — Yea
Burke — Yea
Cooper — Yea
Wood — Yea
Medina — Yea
Rendon — Yea
Chu — Yea
O'Donnell — Yea
Weber — Yea
Waldron — Yea
Gray — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Not Voting
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Not Voting
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 17 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 7000
Unaffiliated 10001
Total 17001
% of votes cast 94%0%0%6%
How each member voted (18)
Member Party Vote
Brough — Yea
Obernolte — Yea
Maienschein — Yea
Quirk — Yea
Bigelow — Yea
McCarty — Yea
Eggman — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Bloom — Not Voting
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Rivas, Robert Democratic Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 6000
Republican 2000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Burke — Yea
Melendez — Yea
Weber — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does AB 412 do?
Existing law, the Escrow Law, requires people engaging in business as escrow agents to be organized as corporations for that purpose, as specified, and appropriately licensed by the Commissioner of Business Oversight. Existing law requires an escrow agent licensed on or after January 1, 1986, to maintain a tangible net worth of $50,000, including liquid assets of at least $25,000 in excess of current liabilities. Existing law requires an escrow agent licensed before January 1, 1986, to maintain a tangible net worth pursuant to a prescribed schedule, the amounts of which, in 1993, matched those required for escrow agents licensed on and after that date. Existing law provides criminal penalties for willful violations of the Escrow Law. This bill would delete the tangible net worth schedule for escrow agents licensed before January 1, 1986, as described above, and eliminate distinctions based on when an agent was licensed in this context. The bill would exclude a liability derived from an operating lease obligation from a licensee's current liabilities for purposes of establishing tangible net worth.
Who sponsors AB 412?
AB 412 is sponsored by Quirk-Silva, Sharon (Democratic), Daly, Mullin, and Moorlach.
What is the current status of AB 412?
This bill died with 2019-2020 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 AB 412?
Track AB 412 free on One Click Politics — get push/email alerts when it moves.

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