Bill > AB782

This bill amends the California Business and Professions Code to modify how the Real Estate Commissioner handles security requirements for residential subdivision developments. Specifically, the bill prohibits the Commissioner from requiring additional security for improvements if sufficient security has already been provided to a local agency under the Subdivision Map Act. Under existing law, the Commissioner must examine subdivisions and issue a public report authorizing their sale or lease, which can be denied for various reasons including inadequate financial arrangements for improvements or facilities. The new provision prevents the Commissioner from demanding extra security when a local agency has already received what is deemed sufficient security to protect the interests of future purchasers, owners, and lessees. This change aims to streamline the subdivision approval process by eliminating redundant security requirements and reducing potential barriers to residential development. The bill seeks to simplify the regulatory process while maintaining protections for potential buyers by ensuring that existing local agency security measures are considered adequate.

Budget and Finance, Business and Industry, Government Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB782