BILL NUMBER:  SB 1223
  VETOED	DATE: 09/30/2010




To the Members of the California State Senate:

I am returning Senate Bill 1223 without my signature.

This bill would require escrow agents to follow the escrow
instructions regarding escrow deposits in auction sales of real
property, permit escrow agents to recognize auction companies as an
agent of the seller and impose additional reporting requirements on
surety companies concerning changes to surety bonds under the Escrow
Law.

SB 1223 is unnecessary because existing laws already specify the
requirements for escrow closing instructions and the requirements to
create agency relationships, and already require surety companies to
report surety bond information to the Department of Corporations.

For these reasons I cannot sign this bill.

Sincerely,



Arnold Schwarzenegger