Official Summary Text
AB 2425, as amended, Chen.
Department of Financial Protection and Innovation:
escrow agents:
budget reports.
The Escrow Law
Existing law
provides for the licensure and regulation of
escrow agents
various financial institutions
by the Commissioner of Financial Protection and
Innovation. The law requires
Innovation. Some of those laws require
the commissioner to charge and collect specified fees and assessments.
The law makes any person who violates any of its provisions liable for a specified civil penalty. The law requires the commissioner to pay all moneys they receive under the law into the State Treasury to the credit of the State Corporations Fund.
This bill would require the commissioner
to annually submit a report to the Legislature that provides a detailed budget and accounting of the commissioner’s oversight, implementation, and enforcement of the Escrow Law.
to, on or before March 1, 2027, and annually thereafter, report to the Joint Legislative Budget Committee, the Senate Banking and Financial Institutions Committee, and the Assembly Banking and Finance Committee the projected and actual revenues and expenditures, including the difference between revenues and expenditures, for the immediately preceding fiscal year for various laws enforced by the commissioner, as specified.
This bill would
require, for each of those laws that authorizes the Department of Financial Protection and Innovation to issue and collect assessments and charges on a pro rata basis to recover the actual costs of administering that law, the department to include in any report pursuant to the bill the method of determining those assessments and charges.