Bill Text: CA AB412 | 2019-2020 | Regular Session | Introduced
Bill Title: Escrow agents: asset requirements.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Vetoed) 2019-09-11 - Consideration of Governor's veto stricken from file. [AB412 Detail]
Download: California-2019-AB412-Introduced.html
Assembly Bill | No. 412 |
Introduced by Assembly Member Quirk-Silva (Coauthor: Assembly Member Mullin) (Coauthor: Senator Moorlach) |
February 07, 2019 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill 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)