California 2015-2016 Regular Session Status: Passed Senate

SB 736 — Escrow agents.

Last action — August 27 hearing: Held in committee and under submission.

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

This bill died with 2015-2016 Regular Session. It reached “Passed Senate” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

The Escrow Law requires the licensing of escrow agents by the Commissioner of Business Oversight, and further requires licensees to participate as members of the Escrow Agents' Fidelity Corporation, a nonprofit corporation established to pay members for loss of trust fund obligations, as specified. The law requires a licensed escrow agent to maintain a bond based on the previous year's average annual trust fund obligations, as specified. This bill would make findings and declarations regarding the role of Fidelity Corporation to support and enhance trust in licensed escrow agents, and specify that Fidelity Corporation is required to indemnify a member escrow agent against loss in accordance with the Escrow Law. The bill would state the intent of the Legislature for the commissioner to utilize the services of private 3rd parties, with prior escrow or escrow conservation, liquidation, or receivership experience, who are independent of the department to perform conservation, liquidation, and receiver functions, and would require the full amount of any penalty revenue, up to $125,000 at any one time, as specified, to be available for use by the commissioner to compensate an appointed conservator, liquidator, or receiver. The bill would also authorize the commissioner to utilize all or a portion of the bond or other required obligations, and all or a portion of a licensee's assets remaining following conservation, liquidation, or receivership to compensate an appointed conservator, liquidator, or receiver. By making this penalty revenue and other revenue available to the commissioner in this regard, this bill would make an appropriation.

Bill Text

Action History

  1. August 27 hearing: Held in committee and under submission.

  2. July 15 set for first hearing. Placed on APPR. suspense file.

  3. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (July 6). Re-referred to Com. on APPR.

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

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

  6. Read third time. Passed. (Ayes 40. Noes 0. Page 1248.) Ordered to the Assembly.

  7. Read second time. Ordered to third reading.

  8. From committee: Do pass. (Ayes 7. Noes 0. Page 1159.) (May 28).

  9. Set for hearing May 28.

  10. May 18 hearing: Placed on APPR. suspense file.

  11. Set for hearing May 18.

  12. Read second time and amended. Re-referred to Com. on APPR.

  13. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0. Page 813.) (April 29).

  14. Set for hearing April 29.

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

  16. Read first time.

  17. From printer. May be acted upon on or after April 1.

  18. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

  • Block · Cosponsor
  • Morrell · Cosponsor
  • Vidak · Primary

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 119 not signed on

Sponsors (1)

  • Vidak

Co-sponsors (2)

  • Block
  • Morrell

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"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

3rd Reading

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
Anderson — Yea
Bates — Yea
Block — Yea
Hill — Yea
Leyva — Yea
Morrell — Yea
Fuller — Yea
Cannella — Yea
Allen — Yea
Mitchell — Yea
Pan — Yea
De León — Yea
Runner — Yea
Galgiani — Yea
Glazer — Yea
Hall — Yea
Hancock — Yea
Hernandez — Yea
Hertzberg — Yea
Hueso — Yea
Huff — Yea
Beall — Yea
Lara — Yea
Leno — Yea
Liu — Yea
Mendoza — Yea
Monning — Yea
Moorlach — Yea
Nielsen — Yea
Pavley — Yea
Roth — Yea
Vidak — Yea
Wieckowski — Yea
Wolk — 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
Bates — Yea
Beall — Yea
Lara — Yea
Leyva — Yea
Nielsen — Yea
Hill — Yea
Mendoza — 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
Hill — Yea
Leyva — Yea
Mendoza — Yea
Nielsen — Yea
Beall — Yea
Lara — Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 736 do?
The Escrow Law requires the licensing of escrow agents by the Commissioner of Business Oversight, and further requires licensees to participate as members of the Escrow Agents' Fidelity Corporation, a nonprofit corporation established to pay members for loss of trust fund obligations, as specified. The law requires a licensed escrow agent to maintain a bond based on the previous year's average annual trust fund obligations, as specified. This bill would make findings and declarations regarding the role of Fidelity Corporation to support and enhance trust in licensed escrow agents, and specify that Fidelity Corporation is required to indemnify a member escrow agent against loss in accordance with the Escrow Law. The bill would state the intent of the Legislature for the commissioner to utilize the services of private 3rd parties, with prior escrow or escrow conservation, liquidation, or receivership experience, who are independent of the department to perform conservation, liquidation, and receiver functions, and would require the full amount of any penalty revenue, up to $125,000 at any one time, as specified, to be available for use by the commissioner to compensate an appointed conservator, liquidator, or receiver. The bill would also authorize the commissioner to utilize all or a portion of the bond or other required obligations, and all or a portion of a licensee's assets remaining following conservation, liquidation, or receivership to compensate an appointed conservator, liquidator, or receiver. By making this penalty revenue and other revenue available to the commissioner in this regard, this bill would make an appropriation.
Who sponsors SB 736?
SB 736 is sponsored by Block, Morrell, and Vidak.
What is the current status of SB 736?
This bill died with 2015-2016 Regular Session. It reached “Passed Senate” 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 736?
Track SB 736 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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