California 2019-2020 Regular Session Status: In Committee

AB 3151 — Escrow agents: asset requirements.

Last action — Referred to Com. on B. & F.

  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 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, 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 required an escrow agent licensed before January 1, 1986, to maintain an increasing tangible net worth pursuant to a prescribed schedule, the amounts of which, by 1993, matched the requirements for escrow agents licensed on and after January 1, 1986. This bill would delete obsolete provisions by deleting the tangible net worth schedule for escrow agents licensed before January 1, 1986, as described above, and the distinctions in this context based on when an agent was licensed.

Bill Text

What changed in the latest version

1 added · 1 removed

1 line(s) added, 1 removed.

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Action History

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

  2. Read first time.

  3. From printer. May be heard in committee March 23.

  4. Introduced. To print.

Sponsors

  • O'Donnell · Primary

Sponsorship breakdown

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

Sponsors (1)

  • O'Donnell

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.

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

Subjects

finance
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Frequently asked questions

What does AB 3151 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 required an escrow agent licensed before January 1, 1986, to maintain an increasing tangible net worth pursuant to a prescribed schedule, the amounts of which, by 1993, matched the requirements for escrow agents licensed on and after January 1, 1986. This bill would delete obsolete provisions by deleting the tangible net worth schedule for escrow agents licensed before January 1, 1986, as described above, and the distinctions in this context based on when an agent was licensed.
Who sponsors AB 3151?
AB 3151 is sponsored by O'Donnell.
What is the current status of AB 3151?
This bill died with 2019-2020 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 3151?
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