From mint · · 1m
California orders lenders to report on insurance payouts
California mandates lenders report insurance payout delays to LA fire survivors.
In brief
California mandates lenders report insurance payout delays to LA fire survivors. California requires lenders to report how they handle insurance payouts to LA fire survivors after delays caused financial strain. Originally reported by mint.
California orders lenders to report
California officials ordered mortgage lenders to report how they handle insurance payouts to LA fire survivors.
160 complaints since January 2025
DFPI received over 160 complaints about payment delays or issues since January 2025.
Two weeks for reports
Lenders have two weeks to submit reports on their handling of insurance payouts.
Rohit Chopra on delays
Rohit Chopra said it's unacceptable that wildfire survivors haven't gotten funds after filing insurance claims.
16,000 homes destroyed
The Palisades and Eaton fires destroyed over 16,000 homes in Los Angeles-area neighborhoods.
Newsom's interest requirement
Newsom signed a law requiring banks to pay interest on insurance payments held by lenders.
The essence
California requires lenders to report how they handle insurance payouts to LA fire survivors after delays caused financial strain.
