BILL ANALYSIS �
AB 98
Page 1
( Without Reference to File )
CONCURRENCE IN SENATE AMENDMENTS
AB 98 (Budget Committee)
As Amended June 11, 2013
2/3 vote. Urgency
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|ASSEMBLY: | |(May 13, 2013) |SENATE: |28-9 |(June 14, |
| | | | | |2013) |
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(vote not relevant)
Original Committee Reference: BUDGET
SUMMARY : Establishes a permanent funding source for the Alfred
E. Alquist Seismic Safety Commission.
The Senate amendments delete the Assembly version of this bill,
and instead:
1)Create the Seismic Safety Account (Account) as a special
account within the Insurance Fund to support the Alfred E.
Alquist Seismic Safety Commission and administrative costs
incurred by the Department of Insurance.
2)Impose an annual property assessment for each property
exposure. The assessment is not to exceed $0.15.
3)Specify that the annual property assessment be set at $0.15
for the first three years. Thereafter, the annual will be
calculated by the department but is never to exceed $0.15 per
property exposure.
4)Require the Department of Insurance to report to the
Legislature, the Alfred E. Alquist Seismic Safety Commission,
and the Department of Finance by December 1 of each year
regarding the calculation method that determined the
assessment fee.
5)Define a late payment as failure to pay the assessment fee
within 45 days of the invoice date, and authorizes the
Department of Insurance to charge a late fee of 1.5% per month
of the balance due.
6)Stipulate that any deficiency or excess funds collected will
AB 98
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be accounted for in the following year's fee calculation.
7)Contain an urgency clause allowing this bill to take effect
immediately upon enactment.
EXISTING LAW : Provides for the Alfred E. Alquist Seismic Safety
Commission in the State and Consumer Services Agency.
FISCAL EFFECT : This bill will generate $1.2 million in special
funds to support the Alfred E. Alquist Seismic Safety
Commission.
COMMENT : The Alfred E. Alquist Seismic Safety Commission is
responsible for conducting research, coordinating earthquake
safety activities, setting goals and priorities for the public
and private sectors, and overseeing certain aspects of
earthquake hazard mitigation.
Analysis Prepared by : Zoe Adler / BUDGET / (916) 319-2099
FN:
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