AJR 45, Coto. Mortgage Loans: Federal Conforming and FHA Mortgage Loan Limits

AJR 45 urges the United States President and Congress to permanently increase the federal conforming mortgage loan limit and the Federal Housing Administration (FHA) loan. These loan limits were increased on a one time basis by the Federal Economic Stimulus Act of 2008. Because California has the nation's highest housing costs, with a state median-home price of nearly five hundred thousand dollars ($500,000) and California is also home to 21 of the 25 least affordable housing markets in the United States. The federal conforming mortgage loan limit is presently set at four hundred seventeen thousand dollars ($417,000), which is well below the median-priced home in California. The federal conforming loan limit is the maximum amount of debt that may be guaranteed or purchased by Fannie Mae and Freddie Mac. Loans made at or below the conforming loan limit enjoy interest rates much lower than loans made above the limit. This interest rate differential means that California homebuyers can, over the life of a mortgage loan, pay up to one hundred fifty thousand dollars ($150,000) more in finance charges than homebuyers in other states.

AB 1188, Coto. Multiple Employer Welfare Arrangements Investments

Existing law allows for the certification by the Insurance Commissioner of self-funded or partially self-funded multiple employer welfare arrangements (MEWAs) if certain requirements are met, including maintaining a specified cash surplus. Prior to AB 1188 self-funded or partially self-funded MEWA were required to maintain 25% of that surplus in specified investments and authorizes the balance of the assets of the MEWA to be invested in certain other investments, as specified. MEWA would also be required to file certain financial statements with the commissioner when transacting business in the state. AB 1188 authorizes a self-funded or partially self-funded MEWA to invest the balance of its assets in an office building or buildings that will be used for its principal operations and business if the MEWA obtains the commissioner's prior written approval and treats the building or buildings as non-admitted assets in the financial statements filed with the commissioner.

AB 1872, Coto. Special Education: Autism Spectrum Disorders: Clearinghouse

AB 1872 creates the California Autism Spectrum Disorder Clearinghouse within the State Department of Education. Previously, policies were determined recommended by an advisory committee which included The University of California, California State University, the Department of Developmental Services and other appropriate entities. The goal of the Clearinghouse is to provide evidence-based resources, research materials, information, and practices regarding the education of pupils with autism spectrum disorders. AB 1872 also allows the Superintendent to solicit private donations, grants, or other funds for purpose of developing and maintaining the clearinghouse.

AB 1910/ 41, Coto. Insurance: Community Development Investments

AB 1910 urges insurance companies to increase the amount of community development investments. It requires insurers to create a "Community Development Investment" Policy which would have to be filed with the Department of Insurance by July 1, 2009 and every two years after. AB 1910 also requires that insurers make the information readily accessible to the public. Introduced again this year as AB 41, would require insurance companies to express their goals for these investments. The bill applies to insurance companies that write $100 million or more in premiums annually in California.

AB 2081, Coto. Workers' Compensation

AB 2081 addresses 3 problems of workers compensation: First it prohibits utilization review companies from paying kickbacks to a claims adjuster to in order to get the adjuster to refer the claim to a utilization review. Second, it prohibits compensating bill-review companies based on percentage of the amount by which they reduce a claim. Finally AB 2081 clarifies a rule that some employers have been abusing, which allows officers of privately held companies to exclude themselves from the requirement that workers compensation coverage be provided.

AB 2097, Coto. Low and Moderate Income Housing Fund: Supportive Services: Santa Clara County

AB 2097 authorizes a redevelopment agency located in Santa Clara County to use no more than 5% of funds in the Low and Moderate Income Housing Fund, to provide supportive services to occupants of the new permanent housing with extremely low income.