reglab/housing_qa huggingface dataset:
CA Fin Code § 17008 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 1 - Application of This Division|Section 17008.

17008.  No foreign corporation shall transact any escrow business in this State without first complying with all the requirements of this division, nor until it has executed and filed with the commissioner a written instrument appointing the commissioner its attorney upon whom all process in any action or proceeding by any resident of this State against it may be served with the same force and effect as if such corporation were formed under the laws of this State, and had been lawfully served with process in this State. Service of process by a resident of this State upon the commissioner constitutes personal service on the foreign corporation.(Amended by Stats. 1961, Ch. 475.)
CA Fin Code § 17009 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 1 - Application of This Division|Section 17009.

17009.  The commissioner shall forward by prepaid registered mail a copy of every paper served under this chapter, to the secretary of the corporation at its last known post-office address as shown by the records and reports of the corporation filed in the office of the commissioner.(Enacted by Stats. 1951, Ch. 364.)
CA Fin Code § 17010 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 1 - Application of This Division|Section 17010.

17010.  The commissioner shall collect from the plaintiff at the time of service, the sum of two dollars ($2) for each copy of process served on him pursuant to this chapter. This sum shall be recovered by the plaintiff as part of his taxable costs, if he succeeds in the suit or proceeding.(Enacted by Stats. 1951, Ch. 364.)
CA Fin Code § 17200 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17200.

17200.  It shall be unlawful for any person to engage in business as an escrow agent within this state except by means of a corporation duly organized for that purpose licensed by the commissioner as an escrow agent.(Amended by Stats. 1999, Ch. 441, Sec. 6. Effective January 1, 2000.)
CA Fin Code § 17200.8 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17200.8.

17200.8.  (a) Within the organization of each escrow agent corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a minimum of five years of responsible escrow or joint control experience to be stationed at the main office of the corporation and one or more persons possessing a minimum of four years of responsible escrow or joint control experience stationed at each branch. At least one such qualified person shall be stationed on duty at each business location licensed by this division during the time the location is open for business. A person who has satisfied educational requirements established by the commissioner may substitute education for up to one year of experience.(b) Subdivision (a) does not apply to an Internet escrow agent with respect to escrows involving personal property. However, within the organization of each Internet escrow agent corporation engaged in the business of an escrow involving personal property, either as an owner, officer, or employee, one or more qualified persons shall possess knowledge and understanding of the Escrow Law (as set forth in Division 6 (commencing with Section 17000)), the rules promulgated thereunder, and accounting so that, among other things, appropriate books and records are used and maintained in order to account for escrows involving personal property. At least one qualified person shall be on duty at each business location of an Internet escrow agent licensed by this division when operations are being conducted that require knowledge of accounting and the Escrow Law and regulations. An Internet escrow agent shall notify the commissioner of the daily business hours during which those operations are to be conducted.(Amended by Stats. 2000, Ch. 437, Sec. 4. Effective January 1, 2001.)
CA Fin Code § 17201 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17201.

17201.  (a) An application for a license as an escrow agent shall be in writing and in such form as is prescribed by the commissioner. The application shall be verified by the oath of the applicant.(b) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic signatures. This section does not require the commissioner to accept electronic records or electronic signatures.(c) For purposes of this section, the following terms have the following meanings:(1) “Electronic record” means an initial license application, or material modification of that license application, and any other record created, generated, sent, communicated, received, or stored by electronic means. “Electronic records” also includes, but is not limited to, all of the following:(A) An application, amendment, supplement, and exhibit, filed for any order, license, consent, or other authority.(B) A financial statement, report, or advertising.(C) An order, license, consent, or other authority.(D) A notice of public hearing, accusation, and statement of issues in connection with any application, registration, order, license, consent, or other authority.(E) A proposed decision of a hearing officer and a decision of the commissioner.(F) The transcripts of a hearing and correspondence between a party and the commissioner directly relating to the record.(G) A release, newsletter, interpretive opinion, determination, or specific ruling.(H) Correspondence between a party and the commissioner directly relating to any document listed in subparagraphs (A) to (G), inclusive.(2) “Electronic signature” means an electronic sound, symbol, or process attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the electronic record.(d) The Legislature finds and declares that the Department of Business Oversight has continuously implemented methods to accept records filed electronically, and is encouraged to continue to expand its use of electronic filings to the extent feasible, as budget, resources, and equipment are made available to accomplish that goal.(Amended by Stats. 2015, Ch. 303, Sec. 155. (AB 731) Effective January 1, 2016.)
CA Fin Code § 17202 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17202.

17202.  (a) At the time of filing an application for an escrow agent’s license, the applicant shall deposit with the commissioner a bond satisfactory to the commissioner in the amount of at least twenty-five thousand dollars ($25,000). Thereafter, a licensee shall maintain a bond satisfactory to the commissioner in the amount of: (1) twenty-five thousand dollars ($25,000) if 150 percent of the previous year’s average annual trust fund obligations, as calculated under Section 17348, equals two hundred fifty thousand dollars ($250,000) or less; (2) thirty-five thousand dollars ($35,000) if 150 percent of the previous year’s average annual trust fund obligations, as calculated under Section 17348, equals at least two hundred fifty thousand one dollars ($250,001) but not more than five hundred thousand dollars ($500,000); or (3) fifty thousand dollars ($50,000) if 150 percent of the previous year’s average annual trust fund obligations, as calculated under Section 17348, equals five hundred thousand one dollars ($500,001) or more. The bond shall run to the state for the use of the state and for any person who has cause against the obligor of the bond under the provision of this division. A deposit given instead of the bond required by this section shall not be deemed an asset of the applicant or licensee for the purpose of complying with Section 17210. An applicant or licensee may obtain an irrevocable letter of credit approved by the commissioner in lieu of the bond.(b) Escrow agents licensed prior to January 1, 1986, shall comply with the requirements of subdivision (a) on or before July 1, 1986.(Amended by Stats. 1985, Ch. 1560, Sec. 2. Effective October 2, 1985. Operative January 1, 1986, by Sec. 45 of Ch. 1560.)
CA Fin Code § 17202.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17202.1.

17202.1.  An applicant for an escrow agent’s license or a licensee may, in lieu of and subject to the same conditions as the bond required by Section 17202, deposit with the commissioner a cash bond in the sum specified in Section 17202. Evidence of the cash bond shall be a deposit in the amount specified in Section 17202 in a bank or investment certificates of industrial loan companies, authorized to do business in this state and insured by the Federal Deposit Insurance Corporation, or an investment certificate or share account in the amount specified in Section 17202 issued by a savings and loan association doing business in this state and insured by the Federal Savings and Loan Insurance Corporation. Those deposits, certificates, or accounts shall be assigned to and accepted and maintained by the commissioner, upon those terms as the commissioner may prescribe, until released by the commissioner, and shall not be deemed an asset of the applicant or licensee for the purpose of complying with Section 17210.(Amended by Stats. 1990, Ch. 1306, Sec. 1.)
CA Fin Code § 17203 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17203.

17203.  The bond of an escrow agent shall be conditioned that the licensee will faithfully conform to and abide by the provisions of this division and all the rules made by the commissioner under this division. The bond shall be conditioned that the licensee will honestly and faithfully apply all funds received, will faithfully and honestly perform all obligations and undertakings under this division, and will pay to the state and any person all amounts which become due or owing to the state or to such person under the provisions of this division, including the costs in any conservatorship, or liquidation, whether by the commissioner or by a receiver. In determining the liability of the principal and the sureties under the bond, escrow money held in trust and any money recovered to restore any deficiency in the trust shall not be considered as an asset of the liquidation subject to assessment for the cost of the liquidation. The surety under the bond may pay the full amount of its liability thereunder to the commissioner or a conservator appointed by the commissioner pursuant to Chapter 6 (commencing with Section 17621) in lieu of payment to the state or persons having a cause of action against the principal, and upon such payment the surety is completely released from further liability under the bond.(Amended by Stats. 1982, Ch. 517, Sec. 219.)
CA Fin Code § 17203.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17203.1.

17203.1.  (a) All officers, directors, trustees, and employees of an escrow agent, whether or not compensated, who have access to money or negotiable securities belonging to the escrow agent or in the possession of the escrow agent in the regular discharge of their duties, or persons who draw checks upon the escrow agent or upon the trust funds of the escrow agent in the regular discharge of their duties, before entering upon their duties and throughout the entire term of their office and employment and any subsequent term thereof, shall furnish to the escrow agent a bond indemnifying the escrow agent against loss of money or property. No officer, director, trustee, or employee shall enter upon their duties or have access to money or negotiable securities or draw checks upon the escrow agent or the trust funds of an escrow agent prior to complying with such rules as the commissioner shall adopt with respect to the qualifications of these officers, directors, trustees, or employees to assume their duties.The commissioner shall prescribe the aggregate amount of the bond and the terms during which the bond runs. The sufficiency of the sureties on the bond are at all times subject to the approval of the commissioner. The bond shall be filed in the commissioner’s office. The aggregate liability of the surety for all claims shall in no event exceed the penal sum of the bond.(b) The commissioner may at any time require an additional bond or surety to be filed when in the commissioner’s opinion any bond then in force is insufficient for any reason.(Amended by Stats. 1984, Ch. 548, Sec. 1.)
CA Fin Code § 17205 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17205.

17205.  No action may be brought on an escrow agent’s bond by any person after the expiration of two years from the time when the act or default complained of occurs.(Amended by Stats. 1982, Ch. 517, Sec. 223.)
CA Fin Code § 17206 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17206.

17206.  When an action is commenced on an escrow agent’s bond the commissioner may require the filing of a new bond, and immediately upon the recovery of any action on the bond, the licensee shall file a new bond. Failure to file a new bond within 10 days of the recovery on a bond, or within 10 days after notification of the commissioner that a new bond is required constitutes sufficient grounds for the suspension or revocation of the license.(Enacted by Stats. 1951, Ch. 364.)
CA Fin Code § 17208 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17208.

17208.  All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund for the sole purpose of administering and enforcing this division.(Amended by Stats. 1996, Ch. 670, Sec. 2. Effective January 1, 1997.)
CA Fin Code § 17209.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17209.1.

17209.1.  Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate all facts connected with the proposal, including but not limited to its stockholders, directors, officers and managers, proposed location, and estimated receipts and expenditures.(Amended by Stats. 1982, Ch. 663, Sec. 5.)
CA Fin Code § 17209.2 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17209.2.

17209.2.  The commissioner may or may not require an applicant to submit to an appropriate hearing. If a hearing is held the commissioner shall, on or before 10 days prior to the hearing, mail notice thereof to the applicant. At such hearing any interested person may show cause either in favor of, or opposed to, the application.(Amended by Stats. 1982, Ch. 663, Sec. 6.)
CA Fin Code § 17209.3 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17209.3.

17209.3.  The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the commissioner’s examination and investigation, and after appropriate hearing, the commissioner finds any of the following:(a) That the corporation is to be formed for any business other than legitimate escrow agent services, or proposes to use a name that is misleading or in conflict with the name of an existing licensee.(b) That any incorporator, officer, or director of the applicant has, within the last 10 years, been (1) convicted of or pleaded nolo contendere to a crime, or (2) committed any act involving dishonesty, fraud, or deceit, which crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with the provisions of this division.(c) That there is no officer or manager possessing a minimum of five years of responsible escrow or joint control experience stationed or to be stationed at the main office of the corporation and that there is no officer, manager or employee possessing a minimum of four years of responsible escrow or joint control experience stationed or to be stationed at each branch.(d) That the proposed licensee’s financial program is unsound.(e) A false statement of a material fact has been made in the application for license.(f) The applicant, any officer, director, general partner, or incorporator of the applicant, or any person owning or controlling, directly or indirectly, 10 percent or more of the outstanding equity securities of the applicant has violated any provision of this division or the rules thereunder or any similar regulatory scheme of the State of California or a foreign jurisdiction.(g) The applicant has failed to comply with the Fidelity Corporation’s membership requirements set forth in subdivision (b) of Section 17312, in subdivision (a) of Section 17320, and in Sections 17331 and 17331.1.(Amended by Stats. 2003, Ch. 473, Sec. 18. Effective January 1, 2004.)
CA Fin Code § 17209.4 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17209.4.

17209.4.  The license shall state whether the licensee is licensed as an escrow agent or joint control agent.(Added by Stats. 1982, Ch. 663, Sec. 8.)
CA Fin Code § 17210 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17210.

17210.  (a) An escrow agent licensed on or after January 1, 1986, shall maintain at all times a tangible net worth of fifty thousand dollars ($50,000), including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(b) An escrow agent licensed prior to January 1, 1986, shall maintain at all times a tangible net worth according to the following schedule:(1) Ten thousand dollars ($10,000) from January 1, 1986, through June 30, 1986, including liquid assets of at least ten thousand dollars ($10,000) in excess of current liabilities.(2) Fifteen thousand dollars ($15,000) as of July 1, 1986, including liquid assets of at least fifteen thousand dollars ($15,000) in excess of current liabilities.(3) Twenty thousand dollars ($20,000) as of July 1, 1987, including liquid assets of at least twenty thousand dollars ($20,000) in excess of current liabilities.(4) Twenty-five thousand dollars ($25,000) as of July 1, 1988, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(5)  Thirty thousand dollars ($30,000) as of July 1, 1989, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(6)  Thirty-five thousand dollars ($35,000) as of July 1, 1990, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(7)  Forty thousand dollars ($40,000) as of July 1, 1991, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(8) Forty-five thousand dollars ($45,000) as of July 1, 1992, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(9) Fifty thousand dollars ($50,000) as of July 1, 1993, and thereafter, including liquid assets of at least twenty-five thousand dollars ($25,000) in excess of current liabilities.(c) The commissioner may determine by rule as to which assets constitute liquid assets and may also determine in an individual case by a specific written ruling whether a particular asset is a liquid asset within the meaning of this section.(d) In the case of a licensed branch office, a tangible net worth in addition to that required by subdivision (a) shall be maintained at an amount equal to 50 percent of the tangible net worth required by subdivision (a), except that licensees operating or applying for more than one branch office shall maintain an additional tangible net worth of at least 25 percent of the amount required by subdivision (a) for each branch office licensed after the first branch office location.(Repealed and added by Stats. 1985, Ch. 1560, Sec. 4. Effective October 2, 1985. Operative January 1, 1986, by Sec. 45 of Ch. 1560.)
CA Fin Code § 17210.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17210.1.

17210.1.  The license shall be kept conspicuously posted in all places of business of the licensee.(Added by Stats. 1953, Ch. 1076.)
CA Fin Code § 17210.2 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17210.2.

17210.2.  (a) No escrow agent shall disseminate, or cause or permit to be disseminated, in any manner whatsoever, any statement or representation which is false, misleading, or deceptive, or which omits to state material information, or which refers to the supervision of that agent by the State of California or any department or official thereof.(b) A licensed escrow agent, in referring to the corporation’s licensure under this law in any written or printed communication or any communication by means of recorded telephone messages or spoken on radio, television, or similar communications media, shall include the following statement: “This escrow company holds California Department of Business Oversight Escrow License No. ____.”(c) The commissioner may order any person to desist from any conduct which the commissioner finds to be a violation of this section.(Amended by Stats. 2015, Ch. 190, Sec. 37. (AB 1517) Effective January 1, 2016.)
CA Fin Code § 17212.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 6 - ESCROW AGENTS|CHAPTER 2 - License and Bond|Section 17212.1.

17212.1.  All licensees shall notify the commissioner of any changes in shareholders, directors, officers, trustees, managers, and other persons participating in the escrow business directly or indirectly compensated by the escrow agent (other than usual and customary employees who file pursuant to subdivision (d) of Section 17414.1 and Section 17419), by filing by certified mail, return receipt requested, for those persons a statement of identity and questionnaire, as prescribed by the commissioner for those persons, and fingerprint images and related information, submitted using the process established by the Department of Justice for requesting state and federal summary criminal history information. Persons who have previously submitted fingerprints or fingerprint images and related information to the commissioner may so notify the commissioner and need not submit additional fingerprint images and related information unless requested to do so by the commissioner. The commissioner shall provide written notice to both the licensee and to the person if any of the information received pursuant to this division shows that the person’s employment, participation, or ownership interest would be in violation of Section 17414.1, and upon that notification the escrow agent shall deny the person the employment or interest. No person shall have access to trust funds or sign checks or otherwise perform any activities related to the processing of escrow transactions after the licensed escrow agent has been notified by the commissioner that the person’s employment, participation, or ownership interest is in violation of Section 17414.1. The requirements set forth in this section are in addition to those required under Section 17213.The commissioner may by regulation require licensees to file at such times as he or she may specify additional information as he or she may reasonably require regarding any changes in the information provided in any application filed pursuant to this division.(Amended by Stats. 2008, Ch. 262, Sec. 2. Effective January 1, 2009.)