CA AB1885

Extends the maximum extension period for submitting annual audits from 60 days to 90 days for underwritten title companies licensed to conduct escrow services.

Requires underwritten title companies to furnish audits to the Insurance Commissioner annually by March 31 (calendar year) or within 90 days after fiscal year end, with possible extensions for good cause.

Establishes net worth and bond/cash deposit requirements for licensed companies based on the number of documents recorded in the preceding calendar year, ranging from $75,000-$400,000 in net worth and $50,000-$100,000 in bonds.

Allows underwritten title companies that are stock corporations to engage in title search, examination, and reporting services, as well as conduct escrow services through licensed business locations in authorized counties.

Applies to underwritten title companies on and after July 1, 2016, and subjects them to Insurance Commissioner oversight including examinations, compliance orders, and potential license revocation for violations.