Bill Text: CA AB2425 | 2025-2026 | Regular Session | Introduced

California Assembly Bill 2425

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

Bill Title: Department of Financial Protection and Innovation: budget reports.

Sponsorship: Partisan Bill (Republican 1)

Status: (Engrossed) 2026-06-10 - Referred to Com. on B. & F.I. [AB2425 Detail]

Download: California-2025-AB2425-Introduced.html

CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION

Assembly Bill

No. 2425

Introduced by Assembly Member Chen

February 20, 2026

An act to amend Section 17208 of the Financial Code, relating to escrow agents.

LEGISLATIVE COUNSEL'S DIGEST

AB 2425, as introduced, Chen. Department of Financial Protection and Innovation: escrow agents: budget reports.

The Escrow Law provides for the licensure and regulation of escrow agents by the Commissioner of Financial Protection and Innovation. The law requires 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.

Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 17208 of the Financial Code is amended to read:

17208.

(a) All money received by the commissioner shall be paid by ~~him or her~~ the commissioner into the State Treasury to the credit of the State Corporations Fund for the sole purpose of administering and enforcing this division.

(b) The commissioner shall annually submit a report to the Legislature pursuant to Section 9795 of the Government Code that provides a detailed budget and accounting of the commissioner’s oversight, implementation, and enforcement of this division.