Sacramento Report
July 17, 2012
Elder Financial Abuse Bill Amended
Assembly Bill 1525 (Allen), legislation to extend elder abuse financial reporting, has been amended to make sure that the definition of a "money transmitter" does not include a person or company that provides escrow, sub-escrow, or other settlement services pursuant to the mutual instructions of the principals. The CLTA had asked that the bill be amended so that title companies that paid out funds from a real estate transaction would not fall within the definition of a money transmitter.
