AB 2425: Department of Financial Protection and Innovation: 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 commissioners 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.