California 2015-2016 Regular Session Status: Enacted

AB 607 — Real estate trust fund accounts: bond requirement.

Last action — Chaptered by Secretary of State - Chapter 216, Statutes of 2015.

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  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 24, 2015. Enacted.

Prognosis

Likely to advance 72% · 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.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 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, the Real Estate Law, provides for the licensure and regulation of real estate brokers by the Real Estate Commissioner. Existing law requires a real estate broker who accepts funds belonging to others in connection with a transaction to deposit all those funds in either a neutral escrow depository, into the hands of the broker's principal, or into a trust fund account, as specified. This bill would authorize certain persons, including, among others, a real estate salesperson licensed to the broker to withdraw funds from a trust fund account of the broker if specifically authorized in writing. The bill would authorize an unlicensed employee of the broker to withdraw funds from the broker's trust fund account if the broker has fidelity bond coverage equal to the maximum amount of the trust funds to which the unlicensed employee has access to at any time. The bill would authorize this bond to have a deductible of up to 5% of the coverage amount, if the employing broker has evidence of financial responsibility and require financial responsibility to be a separate fidelity bond coverage or a cash deposit adequate to cover the amount of the fidelity bond deductible, as specified, or any other evidence of financial responsibility approved by the commissioner. The bill would prohibit an arrangement from relieving the persons authorized by a broker or officer from responsibility or liability in handling trust funds in the broker's custody, as specified.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 216, Statutes of 2015.

  2. Approved by the Governor.

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

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 2355.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 11 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 1878.).

  7. Read second time. Ordered to third reading.

  8. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

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

  10. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 17).

  11. 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.

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

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

  15. Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1347.)

  16. Read second time. Ordered to Consent Calendar.

  17. From committee: Do pass. To Consent Calendar. (Ayes 17. Noes 0.) (April 29).

  18. Re-referred to Com. on APPR.

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

  20. From committee: Do pass and re-refer to Com. on APPR. (Ayes 14. Noes 0.) (April 14). Re-referred to Com. on APPR.

  21. Referred to Com. on B. & P.

  22. From printer. May be heard in committee March 27.

  23. Read first time. To print.

Sponsors

  • Dodd · Primary
  • Gatto · Cosponsor

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Dodd

Co-sponsors (1)

  • Gatto

Not signed on (120)

120 members have not signed on to this bill.

Show all 120 →

"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 607 DODD Concurrence in Senate Amendments

Passed 79 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 69001
Democratic 4000
Republican 6000
Total 79001
% of votes cast 99%0%0%1%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Kim — Yea
Linder — Yea
Maienschein — Yea
Mathis — Yea
Nazarian — Yea
Obernolte — Yea
Perea — Yea
Ridley-Thomas — Yea
Santiago — Yea
Thurmond — Yea
Wagner — Yea
Waldron — Yea
Williams — Yea
Wood — Yea
Eggman — Yea
Daly — Yea
Frazier — Yea
Burke — Yea
Gomez — Yea
Harper — Yea
Chau — Yea
Salas — Yea
Chiu — Yea
Low — Yea
Mayes — Yea
McCarty — Yea
Chu — Yea
Cooley — Yea
O'Donnell — Yea
Olsen — Yea
Rendon — Yea
Rodriguez — Yea
Weber — Yea
Wilk — Yea
Campos — Yea
Gatto — Yea
Gordon — Yea
Gray — Yea
Atkins — Yea
Chang — Yea
Bonilla — Yea
Lopez — Yea
Holden — Yea
Chávez — Yea
Cooper — Not Voting
Bigelow — Yea
Dababneh — Yea
Dodd — Yea
Jones-Sawyer — Yea
Levine — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Quirk — Yea
Steinorth — Yea
Ting — 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 →

3rd Reading AB607 Dodd By McGuire

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 36001
Democratic 3000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Anderson — Not Voting
Hill — Yea
Mendoza — Yea
Nielsen — Yea
Galgiani — Yea
Cannella — Yea
Allen — Yea
Glazer — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Hall — Yea
Hernandez — Yea
Hertzberg — Yea
Hueso — Yea
Bates — Yea
Beall — Yea
Block — Yea
Huff — Yea
Lara — Yea
Leno — Yea
Leyva — Yea
Liu — Yea
Monning — Yea
Moorlach — Yea
Morrell — Yea
Pan — Yea
Pavley — Yea
Roth — Yea
Vidak — Yea
Wieckowski — Yea
Wolk — Yea
Fuller — Yea
Hancock — 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 →

AB 607 DODD Consent Calendar Second Day

Passed 77 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 67003
Democratic 4000
Republican 6000
Total 77003
% of votes cast 96%0%0%4%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Brough — Yea
Holden — Yea
Levine — Yea
Low — Yea
Mathis — Yea
Mullin — Yea
Quirk — Yea
Ridley-Thomas — Yea
Ting — Yea
Weber — Yea
Wilk — Yea
Chau — Yea
Eggman — Yea
Dababneh — Yea
Daly — Yea
Frazier — Yea
Olsen — Yea
Salas — Yea
Gonzalez — Yea
Harper — Yea
Linder — Yea
Chu — Yea
Brown — Yea
Cooper — Yea
Mayes — Yea
Obernolte — Yea
Perea — Yea
Rodriguez — Yea
Williams — Yea
Gatto — Yea
Gomez — Yea
Burke — Yea
Gordon — Yea
Gray — Yea
Jones-Sawyer — Yea
Atkins — Yea
Campos — Not Voting
Bonilla — Yea
Lopez — Yea
Kim — Yea
Baker — Yea
Bigelow — Yea
Chang — Yea
Chiu — Yea
Chávez — Yea
Cooley — Yea
Dodd — Yea
Maienschein — Yea
McCarty — Yea
Medina — Yea
Melendez — Yea
Nazarian — Yea
O'Donnell — Yea
Rendon — Yea
Santiago — Yea
Steinorth — Not Voting
Thurmond — Yea
Wagner — Yea
Waldron — Yea
Wood — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Mark Stone — Yea
Roger Hernández — Not Voting
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
Rendon — Yea
Weber — Yea
Wood — Yea
Eggman — Yea
Gomez — Yea
Holden — Yea
Chang — Yea
Daly — Yea
Wagner — Yea
Eduardo Garcia — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

housing
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 607 do?
Existing law, the Real Estate Law, provides for the licensure and regulation of real estate brokers by the Real Estate Commissioner. Existing law requires a real estate broker who accepts funds belonging to others in connection with a transaction to deposit all those funds in either a neutral escrow depository, into the hands of the broker's principal, or into a trust fund account, as specified. This bill would authorize certain persons, including, among others, a real estate salesperson licensed to the broker to withdraw funds from a trust fund account of the broker if specifically authorized in writing. The bill would authorize an unlicensed employee of the broker to withdraw funds from the broker's trust fund account if the broker has fidelity bond coverage equal to the maximum amount of the trust funds to which the unlicensed employee has access to at any time. The bill would authorize this bond to have a deductible of up to 5% of the coverage amount, if the employing broker has evidence of financial responsibility and require financial responsibility to be a separate fidelity bond coverage or a cash deposit adequate to cover the amount of the fidelity bond deductible, as specified, or any other evidence of financial responsibility approved by the commissioner. The bill would prohibit an arrangement from relieving the persons authorized by a broker or officer from responsibility or liability in handling trust funds in the broker's custody, as specified.
Who sponsors AB 607?
AB 607 is sponsored by Dodd and Gatto.
What is the current status of AB 607?
This bill has been enacted into law. Introduced February 24, 2015. Enacted.
Where can I track AB 607?
Track AB 607 free on One Click Politics — get push/email alerts when it moves.

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