SB 736 Summary

• Amends Financial Code sections governing escrow agents licensed by the Commissioner of Business Oversight to clarify the role of Fidelity Corporation in supporting public trust in licensed escrow agents.

• Requires the Commissioner to utilize qualified private individuals with prior escrow, conservation, liquidation, or receivership experience to perform conservator, liquidator, and receiver functions whenever possible.

• Makes penalty revenue collected from violators of escrow laws available to compensate conservators, liquidators, and receivers, with a maximum cap of $125,000 at any one time; amounts above $125,000 revert to the General Fund.

• Authorizes the Commissioner to use all or a portion of required bonds and licensee assets remaining after conservation, liquidation, or receivership to compensate appointed conservators, liquidators, or receivers.