CA AB1679

Amends Section 17345.1 of the Financial Code to add a new abstention requirement for the Commissioner of Business Oversight in escrow agent hearings.

Requires the commissioner to abstain from hearing proceedings if an employee of the department is the member's successor in interest, in addition to existing abstention circumstances.

Applies to disputes between escrow agents or their successors and the Escrow Agents' Fidelity Corporation regarding denial of claims for loss of trust obligations.

Allows matters subject to abstention to be adjudicated in a court of competent jurisdiction rather than through administrative hearings.