I understand that AB 957 is now facing strong resistance from the usual suspects. The two large title companies, First American and Fidelity, have been fighting the current version of the bill. Their business interest in defeating this bill is of course obvious. Now I understand that in addition to the title companies, lobbyists for a large number of banks have approached Assembly Member Galgiani and they are putting pressure on her to dilute the language in AB 957 to make the bill essentially useless.
How changes to AB957 destroyed California real estate jobs
We did it! As you know by now, AB 957 passed the first round of votes with solid bipartisan support just two weeks ago. Thank you so much for all the letters you sent. They made a real difference.
On March 30th, The OC Register reported that Fidelity National Title was to pay $345K in penalties to settle a 00-02 stemming from charges in employees were accused of accepting kickbacks in exchange for referrals (Fidelity made no admission of guilt).