California 2015-2016 Regular Session Status: Enacted

AB 704 — Escrow services: authorization to transact business.

Last action — Chaptered by Secretary of State - Chapter 370, Statutes of 2015.

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

This bill has been enacted into law. Introduced February 25, 2015. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 9 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law authorizes an underwritten title company to engage in the escrow business and to act as an escrow agent if the company satisfies specified requirements, including maintenance of specified records, and the deposit of a specified sum of money with the commissioner. Existing law specifies the conditions under which the commissioner may release or return those deposits to the company. This bill would expand the requirements for a company to be authorized to conduct escrow services, to engage in the escrow business, and to act as an escrow agent. The bill would authorize a company that is a stock corporation to conduct escrow services through a business location, as defined, if the company receives approval of its name from the commissioner, maintains a minimum net worth, obtains a license to transact its business from the commissioner, and furnishes audits to the commissioner, as specified. The bill would require a company, on and after July 1, 2016, as a condition of engaging in the escrow business or acting as an escrow agent, to maintain a bond or deposit in a specified amount. The bill would authorize a company to, with the approval of the commissioner, obtain an irrevocable letter of credit in lieu of that bond. The bill would specify conditions for the issuance of that bond or letters of credit or use of that cash deposit. The bill would require the commissioner to promptly release all escrow-related deposits made with the commissioner before July 1, 2016, under specified conditions, including the deposit of the bond, letter of credit, or cash deposit described above.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 370, Statutes of 2015.

  2. Approved by the Governor.

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

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 80. Noes 0. Page 2805.).

  5. Assembly Rule 77 suspended. (Page 2795.)

  6. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 3 pursuant to Assembly Rule 77.

  7. Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2346.).

  8. Read second time. Ordered to third reading.

  9. From committee: Do pass. (Ayes 7. Noes 0.) (August 27).

  10. In committee: Referred to APPR. suspense file.

  11. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (July 15). Re-referred to Com. on APPR.

  12. 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.

  13. From committee: Do pass and re-refer to Com. on B. & F.I. (Ayes 8. Noes 0.) (June 24). Re-referred to Com. on B. & F.I.

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

  15. Referred to Coms. on INS. and B. & F.I.

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

  17. Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1548.)

  18. Ordered to third reading.

  19. From Consent Calendar.

  20. Read second time. Ordered to Consent Calendar.

  21. From committee: Do pass. To Consent Calendar. (Ayes 17. Noes 0.) (May 6).

  22. From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 22). Re-referred to Com. on APPR.

  23. Re-referred to Com. on INS.

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

  25. Referred to Com. on INS.

  26. From printer. May be heard in committee March 28.

  27. Read first time. To print.

Sponsors

  • Cooley · Primary

Sponsorship breakdown

Export CSV (upgrade) →

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

Sponsors (1)

  • Cooley

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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 704 COOLEY Concurrence in Senate Amendments

Passed 80 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 71000
Democratic 4000
Republican 5000
Total 80000
% of votes cast 100%0%0%0%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Kim — Yea
Linder — Yea
Maienschein — Yea
Mathis — Yea
Olsen — Yea
Rendon — Yea
Santiago — Yea
Steinorth — Yea
Waldron — Yea
Wilk — Yea
Eggman — Yea
Cooper — Yea
Daly — Yea
Frazier — Yea
Burke — Yea
Salas — Yea
Gatto — Yea
Gomez — Yea
Gordon — Yea
Harper — Yea
Jones-Sawyer — Yea
Levine — Yea
Chang — Yea
Low — Yea
Mayes — Yea
McCarty — Yea
Gray — Yea
Melendez — Yea
Bigelow — Yea
Chau — Yea
Chiu — Yea
Chu — Yea
Chávez — Yea
Cooley — Yea
Dababneh — Yea
Dodd — Yea
Nazarian — Yea
O'Donnell — Yea
Obernolte — Yea
Perea — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Thurmond — Yea
Weber — Yea
Williams — Yea
Atkins — Yea
Campos — Yea
Bonilla — Yea
Medina — Yea
Mullin — Yea
Wagner — Yea
Alejo — Yea
Lopez — Yea
Holden — Yea
Quirk — Yea
Ting — Yea
Wood — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

3rd Reading AB704 Cooley By Gaines

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 37000
Democratic 3000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Bates — Yea
Hernandez — Yea
Lara — Yea
Liu — Yea
Morrell — Yea
Nielsen — Yea
Pavley — Yea
Wolk — Yea
Glazer — Yea
Fuller — Yea
Galgiani — Yea
Allen — Yea
Cannella — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Hall — Yea
Hancock — Yea
Anderson — Yea
Beall — Yea
Block — Yea
Hertzberg — Yea
Hill — Yea
Hueso — Yea
Huff — Yea
Leno — Yea
Leyva — Yea
Mendoza — Yea
Monning — Yea
Moorlach — Yea
Pan — Yea
Roth — Yea
Vidak — Yea
Wieckowski — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Beall — Yea
Bates — Yea
Hill — Yea
Lara — Yea
Leyva — Yea
Mendoza — Yea
Nielsen — Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Bates — Yea
Leyva — Yea
Hill — Yea
Beall — Yea
Lara — Yea
Mendoza — Yea
Nielsen — Yea

Official roll call →

AB 704 COOLEY Assembly Third Reading

Passed 75 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 65005
Democratic 4000
Republican 6000
Total 75005
% of votes cast 94%0%0%6%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Not Voting
Baker — Yea
Bigelow — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Maienschein — Yea
Mathis — Yea
Medina — Yea
Mullin — Yea
Obernolte — Yea
Quirk — Yea
Rendon — Yea
Santiago — Yea
Ting — Yea
Waldron — Not Voting
Wilk — Yea
Eggman — Yea
Daly — Yea
Gatto — Yea
Burke — Yea
Campos — Yea
Salas — Yea
Chang — Yea
Bonilla — Yea
Frazier — Yea
Gomez — Yea
Gordon — Yea
Gray — Yea
Harper — Yea
Holden — Yea
Lopez — Yea
Jones-Sawyer — Yea
Kim — Yea
Levine — Yea
Linder — Yea
Low — Yea
Mayes — Yea
McCarty — Yea
Chau — Yea
Atkins — Yea
Melendez — Yea
Chiu — Yea
Chu — Yea
Chávez — Yea
Cooley — Yea
Cooper — Yea
Dababneh — Yea
Dodd — Yea
Nazarian — Yea
Perea — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Thurmond — Yea
Wagner — Yea
Williams — Yea
O'Donnell — Not Voting
Olsen — Not Voting
Steinorth — Yea
Weber — Not Voting
Wood — Yea
Gonzalez — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 17 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 13000
Democratic 2000
Republican 2000
Total 17000
% of votes cast 100%0%0%0%
How each member voted (17)
Member Party Vote
Bigelow — Yea
Bloom — Yea
Quirk — Yea
Wood — Yea
Eggman — Yea
Gomez — Yea
Holden — Yea
Chang — Yea
Daly — Yea
Rendon — Yea
Wagner — Yea
Weber — Yea
Eduardo Garcia — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations]

Passed 12 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 10001
Democratic 1000
Republican 1000
Total 12001
% of votes cast 92%0%0%8%
How each member voted (13)
Member Party Vote
Cooley — Yea
Frazier — Yea
Gatto — Yea
Cooper — Yea
Dababneh — Yea
Daly — Yea
Mayes — Yea
Rodriguez — Yea
Gonzalez — Yea
Beth Gaines — Yea
Travis Allen — Not Voting
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 704 do?
Existing law authorizes an underwritten title company to engage in the escrow business and to act as an escrow agent if the company satisfies specified requirements, including maintenance of specified records, and the deposit of a specified sum of money with the commissioner. Existing law specifies the conditions under which the commissioner may release or return those deposits to the company. This bill would expand the requirements for a company to be authorized to conduct escrow services, to engage in the escrow business, and to act as an escrow agent. The bill would authorize a company that is a stock corporation to conduct escrow services through a business location, as defined, if the company receives approval of its name from the commissioner, maintains a minimum net worth, obtains a license to transact its business from the commissioner, and furnishes audits to the commissioner, as specified. The bill would require a company, on and after July 1, 2016, as a condition of engaging in the escrow business or acting as an escrow agent, to maintain a bond or deposit in a specified amount. The bill would authorize a company to, with the approval of the commissioner, obtain an irrevocable letter of credit in lieu of that bond. The bill would specify conditions for the issuance of that bond or letters of credit or use of that cash deposit. The bill would require the commissioner to promptly release all escrow-related deposits made with the commissioner before July 1, 2016, under specified conditions, including the deposit of the bond, letter of credit, or cash deposit described above.
Who sponsors AB 704?
AB 704 is sponsored by Cooley.
What is the current status of AB 704?
This bill has been enacted into law. Introduced February 25, 2015. Enacted.
Where can I track AB 704?
Track AB 704 free on One Click Politics — get push/email alerts when it moves.

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