Plain English Breakdown
Checked against official source text during the last sync.
AB-2425: Budget Reports for Escrow Agent Oversight
This law requires state officials to submit yearly reports detailing the budget and accounting of how they oversee, implement, and enforce rules for escrow agents.
What This Bill Does
- Requires the Commissioner of Financial Protection and Innovation to annually report on their oversight, implementation, and enforcement of the Escrow Law.
- Mandates that reports include projected and actual income and spending for specific laws enforced by the department.
- Sets a deadline of March 1, 2027, for the first report, with yearly reports due after that date.
- Requires the report to explain how fees are calculated when they cover the cost of running programs authorized under specific laws.
Who It Names or Affects
- The Commissioner of Financial Protection and Innovation
- Escrow agents regulated under state law
- The Joint Legislative Budget Committee, Senate Banking and Financial Institutions Committee, and Assembly Banking and Finance Committee
Terms To Know
- Escrow Law
- State rules that license and regulate escrow agents.
- Assessments
- Fees or charges collected to recover the actual costs of administering specific laws.
Limits and Unknowns
- The official text does not state a specific effective date for when this law begins.
- Reports on fee calculation methods only apply to laws that allow collecting assessments based on actual administrative costs.