AB 2425: 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 commissioners oversight, implementation, and enforcement of the Escrow Law.