Bill Text: CA AB2380 | 2023-2024 | Regular Session | Introduced
Bill Title: Land use.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-13 - From printer. May be heard in committee March 14. [AB2380 Detail]
Download: California-2023-AB2380-Introduced.html
CALIFORNIA LEGISLATURE—
2023–2024 REGULAR SESSION
Assembly Bill
No. 2380
| Introduced by Assembly Member McKinnor |
February 12, 2024 |
An act to amend Section 66499 of the Government Code, relating to land use.
LEGISLATIVE COUNSEL'S DIGEST
AB 2380, as introduced, McKinnor.
Land use.
Existing law, the Subdivision Map Act, requires prescribed security from a developer if the act or a local ordinance authorizes or requires the furnishing of security in connection with the performance of any act or agreement, including a requirement that specified forms of security be recorded with the county recorder of the county in which the subject real property is located. Existing law also requires any contract or security interest in real property entered into as security for performance, as described, to be recorded as specified.
This bill would make nonsubstantive changes to those provisions.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 66499 of the Government Code is amended to read:66499.
(a) Whenever this division or a local ordinance authorizes or requires the furnishing of security in connection with the performance of any act or agreement, if the developer is not a nonprofit corporation described in subdivision (c) of Section 66499.3, the security shall be one of the(1) Bond or bonds by one or more duly authorized corporate sureties.
(2) A deposit, either with the local agency or a responsible escrow agent or trust company, at the option of the local agency, of money or negotiable bonds of the kind approved for securing deposits of public moneys.
(3) An instrument of credit from an agency of the state, federal, or local government when any agency of the state, federal, or local government provides at least 20 percent of the financing for the portion of the act or agreement requiring security, or from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the act or agreement are on deposit and guaranteed for payment, or a letter of credit issued by such a financial
institution.
(4) A lien upon the property to be divided, created by contract between the owner and the local agency, if the local agency finds that it would not be in the public interest to require the installation of the required improvement sooner than two years after the recordation of the map.
(5) Any form of security, including security interests in real property, which is acceptable to the local agency and specified by ordinance thereof.
(b) (1) Any contract or security interest in real property entered into as security for performance pursuant to paragraph (4) or paragraph (5) of subdivision (a) shall be recorded with the county recorder of the county in which the subject real property is located. From the
time of recordation of the written contract or document creating a security interest, a lien shall attach to the real property particularly described therein and shall have the priority of a judgment lien in an amount necessary to complete the agreed to improvements. The recorded contract or security document shall be indexed in the Grantor Index to the names of all record owners of the real property as specified on the map and in the Grantee Index to the local agency approving the map.
The
(2) The local agency may at any time release all or any portion of the property subject to any lien or security interest created by this
subdivision or subordinate the lien or security interest to other liens or encumbrances if it determines that security for performance is sufficiently secured by a lien on other property or that the release or subordination of the lien will not jeopardize the completion of agreed upon improvements.
