Bill Text: CA AB1885 | 2015-2016 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Title and escrow services: authorization to transact business.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-11-30 - From committee without further action. [AB1885 Detail]

Download: California-2015-AB1885-Introduced.html

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BILL NUMBER: AB 1885	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Waldron

                        FEBRUARY 11, 2016

   An act to amend Section 12340.1 of the Insurance Code, relating to
insurance.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1885, as introduced, Waldron. Title insurance.
   Under existing law, title insurance is defined as insuring,
guaranteeing, or indemnifying an owner of real or personal property
or the holder of liens or encumbrances or others who have interests
in the property against loss or damage due to liens, encumbrances, or
defects in the title to the insured property, defects in liens or
encumbrances, or defects in title searches.
   This bill would make technical, nonsubstantive changes to those
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 12340.1 of the Insurance Code is amended to
read:
   12340.1.  "Title insurance" means insuring, guaranteeing or
indemnifying owners of real or personal property or the holders of
liens or encumbrances thereon or others interested therein against
loss or damage suffered by reason of:
   (a) Liens or encumbrances on, or defects in the title to 
said   the  property;
   (b) Invalidity or unenforceability of any liens or encumbrances
 thereon;   on the property;  or
   (c) Incorrectness of searches relating to the title to real or
personal property.