Bill Text: CA AB3151 | 2019-2020 | Regular Session | Introduced
Bill Title: Escrow agents: asset requirements.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-03-09 - Referred to Com. on B. & F. [AB3151 Detail]
Download: California-2019-AB3151-Introduced.html
Introduced by Assembly Member O’Donnell |
February 21, 2020 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17210 of the Financial Code is amended to read:17210.
(a) An escrow agent(b)An escrow agent licensed prior to January 1, 1986, shall maintain at all times a tangible net worth according to the following schedule:
(1)Ten thousand dollars ($10,000) from January 1, 1986, through June 30, 1986, including
liquid assets of at least ten thousand dollars ($10,000) in excess of current liabilities.
(2)Fifteen thousand dollars ($15,000) as of July 1, 1986, including liquid assets of at least fifteen thousand dollars ($15,000) in excess of current liabilities.
(3)Twenty thousand dollars ($20,000) as of July 1, 1987, including liquid assets of at least twenty thousand dollars ($20,000) in excess of current liabilities.
(4)Twenty-five thousand dollars ($25,000) as of July 1, 1988, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(5) Thirty thousand dollars ($30,000) as of July 1, 1989, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(6) Thirty-five thousand dollars ($35,000) as of July 1, 1990, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(7) Forty thousand dollars ($40,000) as of July 1, 1991, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(8)Forty-five thousand dollars ($45,000) as of July 1, 1992, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(9)Fifty thousand dollars ($50,000) as of July 1, 1993, and thereafter, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.
(c)
(d)