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CA AB773
Bill
Status
2/21/2013
Primary Sponsor
Benjamin Hueso
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AI Summary
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Authorizes limited liability companies (LLCs) to hold bail agent licenses under the same requirements previously applicable only to corporations.
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Exempts admitted surety insurers and their subsidiaries from requirements that 100% of shares or membership interests be held by licensed bail agents, and that all shareholders, officers, directors, or members be licensed bail agents.
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Requires 60-day approval timeline for the Insurance Commissioner to review requests for sale or transfer of stock, membership interests, or other ownership interests in licensed corporations or LLCs.
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Specifies that no state reimbursement is required for local agencies or school districts as the costs stem only from changes to criminal penalties related to violations of these provisions.
Legislative Description
Bail agent licenses: qualifications.
Last Action
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
2/3/2014