Assembly banking panel advances bill to require interest on escrowed post-loss insurance payouts
The Assembly Banking and Finance Committee voted to due-pass AB 493 and refer it to Appropriations after supporters said the bill would ensure homeowners receive interest on insurance payouts held in escrow after losses, while the banking industry urged technical alignment with existing mortgage law.
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The Assembly Banking and Finance Committee voted to due-pass AB 493 and referred the measure to the Committee on Appropriations after proponents said the bill would require lenders to pay interest on post-loss insurance payouts that remain held in escrow, giving wildfire survivors more money to rebuild.
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