Existing law requires a mortgage guaranty insurer to limit its coverage, for the class of insurance that insures against financial loss by reason of nonpayment of principal, interest, and other sums under any evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a first lien or charge on a residential building or a condominium unit or buildings designed for occupancy by not more than 4 families, to no more than a net of 30% at risk of the entire indebtedness to the insured, or a mortgage guaranty insurer may elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security. Existing law authorizes a mortgage guaranty insurer to extend its coverage for this class of insurance beyond the established limits provided the excess is insured by a contract of reinsurance.
California SB 1450 (20112012) — Mortgage guaranty insurance.
Existing law requires a mortgage guaranty insurer to limit its coverage, for the class of insurance that insures against financial loss by reason of nonpayment of principal, interest, and other sums under any evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a first lien or charge on a residential building or a condominium unit or buildings designed for occupancy by not more than 4 families, to no more than a net of 30% at risk of the entire indebtedness to the insured, or a mortgage guaranty insurer may elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security. Existing law authorizes a mortgage guaranty insurer to extend its coverage for this class of insurance beyond the established limits provided the excess is insured by a contract of reinsurance.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
Do pass, to Consent Calendar. — 13–0 (pass) · lower
SB 1450 Calderon Consent Calendar Second Day — 77–0 (pass) · lower
Do pass and be placed on the Consent Calendar. — 8–0 (pass) · upper
Sponsors
Calderon — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2012-02-24 Introduced. To Com. on RLS. for assignment. To print. introduction
2012-02-26 From printer. May be acted upon on or after March 27.
2012-02-27 Read first time. reading-1
2012-03-22 Referred to Com. on INS. referral-committee
2012-04-05 Set for hearing April 25.
2012-04-12 From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2012-04-26 From committee: Do pass. Ordered to consent calendar. (Ayes 8. Noes 0. Page 3309.) (April 25). committee-passage, committee-passage-favorable
2012-04-30 Read second time. Ordered to consent calendar. reading-2, reading-1
2012-05-03 Read third time. Passed. (Ayes 35. Noes 0. Page 3404.) Ordered to the Assembly. reading-3, reading-1, passage
2012-05-03 In Assembly. Read first time. Held at Desk. reading-1
2012-05-17 Referred to Com. on INS. referral-committee
2012-06-20 From committee: Do pass. Ordered to consent calendar. (Ayes 13. Noes 0.) (June 20). committee-passage, committee-passage-favorable
2012-06-21 Read second time. Ordered to consent calendar. reading-2, reading-1
2012-06-27 Read third time. Passed. (Ayes 77. Noes 0. Page 5482.) Ordered to the Senate. reading-3, reading-1, passage
2012-06-27 In Senate. Ordered to engrossing and enrolling.
2012-07-03 Enrolled and presented to the Governor at 4:15 p.m.
2012-07-13 Approved by the Governor. executive-signature
2012-07-13 Chaptered by Secretary of State. Chapter 105, Statutes of 2012.
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/956975d6-52df-497e-a046-1162ff2d63d7. Confidence: reported (aggregated from official California legislature records).
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