republic-os/legislation/us/states/ca/20112012/sb-1450.md

---
type: "Bill"
title: "Mortgage guaranty insurance."
description: "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."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20112012"
identifier: "SB 1450"
citation: "California SB 1450 (20112012)"
classification: ["bill"]
subjects: ["Mortgage guaranty insurance."]
status: "enacted"
primary_sponsors: ["Calderon"]
version_count: 5
action_count: 18
vote_count: 4
first_action: "2012-02-24"
last_action: "2012-07-13"
source: "openstates"
source_identifier: "ocd-bill/956975d6-52df-497e-a046-1162ff2d63d7"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201120120SB1450"
source_hash: "f62a6111ed5dd355d6a106287cb5fef11f47cf3b6ada58b76a7390af77ce96d1"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ca"]
---

# 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.

1. **02/24/12 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB1450&version=20110SB145099INT)
2. **04/12/12 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB1450&version=20110SB145098AMD)
3. **07/13/12 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB1450&version=20110SB145096CHP)
4. **SB1450** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201120120SB1450)
5. **07/02/12 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201120120SB1450&version=20110SB145097ENR)

## Votes

- Consent Calendar 2nd — **35–0** (pass) · upper
- 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](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/956975d6-52df-497e-a046-1162ff2d63d7`. Confidence: reported (aggregated from official California legislature records).