Senate Bill 704 (Law – 1939)
Chapter 936, Statutes of 1939
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Insurance Code section 100 was amended, several Insurance Code sections were repealed, and Insurance Code sections 12660 and 12661 were added with the passage of Senate Bill 704 of 1939. (See Exhibit #1b) Senator Edward H. Law, an attorney representing the Imperial Valley and chair of the Senate Insurance Committee, introduced Senate Bill 704 on January 24, 1939. (See Exhibits #la and #5) The bill was introduced at the request of the Department of Insurance. (See Exhibit #7, page 8)
Senate Bill 704 was heard in the Senate and Assembly Committees on Insurance. The bill was not amended during the legislative process and was signed by the Governor on July 22, 1939 and recorded on that date as Chapter 936 of the Statutes of 1939. (See Exhibits #1b and #2)
The Legislative Digest for 1939 prepared by Legislative Counsel described Senate Bill 704 as follows:
. . . Repeals provisions re land value insurance and makes it a public offense to engage in business of guaranteeing land values.
(See Exhibit #3, page 87)