The Center Square

This article was republished from The Center Square. See their article here.

The California Legislature this week passed a bill to give at least 2% of interest on insurance payments to owners of homes that need rebuilding or repair from natural disasters.

Legislators said they felt compelled to pass Assembly Bill 493 after thousands of Los Angeles homeowners lost their homes during the Palisades and Eaton fires in January.

In such disasters, homeowners and lenders are typically given joint checks from insurers that are then placed into escrow accounts by the lender. The funds earn interest that the lender could keep.

Dollars to Homeowners, not Wall Street

California Assemblymember John Harabedian, D-Pasadena, the leading author of the bill, said it is important home

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