reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.206 - Percentage of Asset or Percentage of Statutory Net Worth Limitations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If a loan on
				  unimproved real property under Section
				  6705.1 or
				  6705.2 and an improvement loan
				  under Section
				  6705.4 do not together exceed the
				  limitations for an original loan, then both such loans may be classified as
				  original loans and excluded from the percentage of asset and net worth
				  limitations of Sections
				  6705 and
				  6705.5. If a loan on unimproved
				  real property under Section
				  6705.1 or
				  6705.2 and an improvement loan
				  under Section
				  6705.4 together exceed the
				  limitations for an original loan, then both such loans are included in the
				  percentage of asset and net worth limitations of Sections
				  6705 and
				  6705.5 until the sum of the unpaid
				  balances of both loans is reduced to the limitations of an original loan; both
				  loans may then be reclassified as original loans and should no longer be
				  classified as Section
				  6705 loans.
(b) Under Section
				  6705.5 the total of an
				  association's investment in unimproved Section
				  6705 property plus its investments
				  or loans under Sections
				  6705.1,
				  6705.2,
				  6705.3,
				  6705.4 and
				  6705.6 together may not at any
				  time exceed (1) 2 ½ percent of the association's total assets, or (2) 50
				  percent of its statutory net worth, whichever is less.
(c) An association shall not make an
				  investment under Section
				  6705 if such investment together
				  with the aggregate of existing Section
				  6705 investments and loans by the
				  association under authority of Sections
				  6705.1,
				  6705.2,
				  6705.4 and
				  6705.6 would cause an excess over
				  the lesser of (1) 5 percent of its total assets, or (2) its statutory net
				  worth.
(d) An association shall not
				  make an investment in unimproved real property under Section
				  6705, nor investments authorized
				  under Sections
				  6705.1,
				  6705.2,
				  6705.3,
				  6705.4 and
				  6705.6 if such investment together
				  with the aggregate of existing investments under such Sections
				  6705.1,
				  6705.2,
				  6705.3,
				  6705.4 and
				  6705.6, and investments in
				  unimproved real property under Section
				  6705, would cause an excess over
				  the lesser of (1) 2 ½ percent of the association's total assets, or (2)
				  50 percent of its statutory net worth.
1. Change
					 without regulatory effect renumbering former Section
					 243.6 to Section
					 108.206 (Register 87, No. 14). For
					 prior history, see Register 76, No. 20.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Sections
						6705-
						6705.6 and
						6706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.300 - Acceptance or Acquisition of Company Stock or Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except with prior approval of the commissioner an
					 association shall not accept or acquire, whether by donation, gift or
					 otherwise, any stock, shares or other securities in any company as defined in
					 Section 108.301(a),
					 except the stock, shares or other securities of a company specifically
					 authorized as an investment under Section
					 6702 and of a service corporation
					 as defined in Financial Code Section
					 6702.1,
					 provided such stock, shares or other securities of a service corporation are
					 received and held by the association after compliance with all requirements of
					 the law and regulations covering Section
					 6702.1 and after prior approval by
					 the commissioner.
1. Change
					 without regulatory effect renumbering former Section
					 231 to Section
					 108.300 (Register 87, No. 14). For
					 prior history, see Register 83, No. 16.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						6702 and
						672.1,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.301 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  "Company" means any domestic or foreign corporation, voting trust, business
				  trust, limited partnership, partnership fund, joint stock company, association,
				  syndicate, organized group of persons, or similar organization or group,
				  whether incorporated or not.
(b)
				  "Issuer" means any party who issues or proposes to issue any security
				  authorized for investment herein.
(c) "Affiliate of savings and loan" means any
				  person, corporation, sole partnership, trust, partnership, or other business
				  organization controlling, controlled by, or under common control with the
				  association.
(d) "Subordinated debt
				  security" means any unsecured note, debenture or other debt security issued by
				  an association and subordinated on liquidation to claims of accountholders and
				  to all claims having the same priority as accountholders.
(e) "Mortgage-backed bond" means a debt
				  security of an association that is secured by an indenture agreement between
				  the association and a trustee for the benefit of the person or persons to whom
				  the debt is payable, and under the terms of which indenture agreement real
				  estate loans or interests in real estate loans are pledged by the association
				  as collateral for repayment of the debt. The term does not include borrowing by
				  an association secured by a pledge of assets directly to the lender, such as
				  federal home loan bank advances or bank borrowings secured by the pledge of
				  loans.
(f) "Commercial paper" means
				  any note, draft, or bill of exchange which arises out of a current transaction
				  or the proceeds of which have been or are to be used for current transactions,
				  and which has a maturity at the time of issuance of not exceeding nine months,
				  exclusive of days of grace, or any renewal thereof the maturity of which is
				  likewise limited.
(g) "Corporate
				  debt security" means a marketable obligation, evidencing in indebtedness of any
				  corporation in the form of a bond, note and/or debenture which is commonly
				  regarded as a debt security and is not predominantly speculative in nature. A
				  security is marketable if it may be sold with reasonable promptness at a price
				  which corresponds reasonably to its fair value.
1. Change
					 without regulatory effect renumbering former Section
					 231.1 to Section
					 108.301 (Register 87, No. 14). For
					 prior history, see Register 83, No. 16.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6705.8,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.302 - Investments in Loans on Real Property or in Other Foreign Countries

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Prior approval
				  of the commissioner is required before an association may invest in loans or
				  interests in loans pursuant to Section
				  6702(n).
(b) Prior consent of the commissioner is
				  required for an association to invest pursuant to Section
				  6702(o) in an
				  amount in excess of one percent of its total assets.
1. Change
					 without regulatory effect renumbering former Section
					 231.2 to Section
					 108.302 (Register 87, No. 14). For
					 prior history, see Register 83, No. 16.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6702,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.303 - Borrowing Limitations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  General.
(1) Except as the commissioner may
				  otherwise approve by advice in writing, an association may borrow and may
				  exceed the limitations specified in Sections
				  6716 and
				  6717 of the law only in accordance
				  with the provisions of this section.
(2) As used in this section, the term
				  "outside borrowing" means a borrowing from other than a Federal Home Loan Bank
				  or other similar agency.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.304 - Issuance of Subordinated Debt Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) General. No association shall issue
				  subordinated debt securities pursuant to this section or amend the terms of
				  such securities unless it has obtained written approval of the commissioner.
				  Approval of the issue under this section is required only in order to qualify
				  it under Section
				  101.100(h) as
				  part of statutory net worth to the extent provided in that section, and may be
				  obtained either before or after the securities are issued, but no approval
				  shall be granted unless issuance of the securities and the form and manner of
				  filing of the application are in accordance with the provisions of this
				  section.
(b) Eligibility
				  requirements. In determining whether the commissioner will process an
				  application by an association for approval of the issuance of subordinated debt
				  securities pursuant to this section, the commissioner will consider the
				  following factors:
(1) whether the issuance
				  of such securities by the applicant is authorized by applicable law and
				  regulation and is not inconsistent with any provision of the applicant's
				  charter, constitution, or bylaws; and
(2) whether in the opinion of the
				  commissioner the overall policies, condition, and operation of the applicant do
				  not afford a basis for supervisory objection to the application. Bases for
				  supervisory objection may include the following:
(A) net worth, without regard to the amount
				  of any subordinated debt securities to be included in net worth, does not meet
				  the requirements of Section
				  6900 of the law.
(B) scheduled items exceed 2.5 percent of
				  specified assets;
(C) appraised
				  losses have not been offset by specific reserves to the extent required by the
				  commissioner;
(D) actual and
				  anticipated income from operations, after distribution of earnings to the
				  holders of savings accounts, payment of dividends on equity securities and
				  payment of interest on borrowings but before income taxes, is not demonstrably
				  sufficient for payment of interest and amortization of debt, discount, and
				  related expenses of the proposed issue.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 3 - Investments and Borrowings › Section 108.305 - Authorized Investments Pursuant to Section 6702(c) and (d) of the Law

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The securities
				  in which an association may invest under subsection (c) of Section
				  6702 of the law include the
				  following:
(1) United States government
				  securities (i.e., treasury bills, notes and bonds)
(2) District of Columbia Armory Board
				  bonds
(3) Federal Housing
				  Administration debentures
(4)
				  Government National Mortgage Association:
(A)
				  Participation certificates
(B)
				  Mortgage-backed bonds
(C)
				  Mortgage-backed securities (pass-through)
(5) Farmers Home Administration insured
				  notes
(6) New Communities
				  debentures pursuant to Title IV of HUD Act of 1968 and Title VII of HUD Act of
				  1970
(7) Public Housing notes and
				  bonds issued under programs administered by HUD
(8) Export-Import Bank of the United States
				  debentures, guaranteed participation certificates and guaranteed certificates
				  of beneficial interest
(9) Merchant
				  Marine bonds issued in accordance with the Merchant Marine Act of 1936, as
				  amended
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 9 - Operations-Parity Regulations › Article 1 - Extension to State-Licensed Associations of Right, Power, Privilege or Duty Extended to Federal Institutions › Section 109.100 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This subchapter contains rules and regulations respecting
					 Sections
					 5500.5 and
					 7150.1 of
					 the Financial Code.
1. Change
					 without regulatory effect renumbering former Section
					 235 to Section
					 109.100 (Register 87, No. 14). For
					 prior history, see Register 82, No. 3.
Note: Authority cited: Sections
						5255 and
						5500.5,
						Financial Code. Reference: Section
						7153.1 and
						7153.2,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 1 - General › Section 110.100 - Application of Regulations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except as otherwise specified, the provisions of this
					 article shall apply to the escrow operations of associations and of service
					 corporations which are not licensed by the Department of
					 Corporations.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.200 - Policies and Procedures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Prior to acting as an escrow agent, the board of directors
					 of an association or service corporation shall adopt formal written policies
					 and procedures to govern the escrow operations of the association or service
					 corporation.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.201 - Experience Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each association or its service corporation which acts as
					 an escrow agent shall retain or employ, either as an officer or employee, one
					 or more individuals possessing a minimum of four years of responsible escrow
					 experience. At least one such person shall be stationed at each office of the
					 association or service corporation during all hours in which escrow business is
					 conducted at that office. An individual who has taken the subject matter
					 courses called Escrow I, Escrow II, and Escrow III at a Community College may
					 substitute such education for up to one year of experience to qualify under
					 this section.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.202 - Disclosure of Fees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Prior to or concurrently with the opening of any escrow
					 account, each party to the escrow shall be furnished with a written statement
					 disclosing the type and amount of any known fee or fees to be charged by the
					 association or service corporation in connection with its services as an escrow
					 agent. Each party shall be advised that there may be additional fees if there
					 are changes or conditions imposed by the parties during the escrow which
					 require additional services.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.203 - Delivery of Documents or Property

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association or a service corporation which acts as an
					 escrow agent shall use documents or other property deposited in escrow only in
					 accordance with the written instructions of the principals to the escrow
					 transaction, or if not otherwise directed by written instructions, in
					 accordance with sound escrow practice, or pursuant to order of a court of
					 competent jurisdiction.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.204 - Similar Names

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association or service corporation which acts as an
					 escrow agent shall not conduct business under a corporate or fictitious name
					 similar to the name of any escrow agent engaged in the escrow business in the
					 same competitive locality or area.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.205 - Subescrow Agent

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A subescrow agent may be a bank or trust company under the
					 supervision of the Superintendent of Banks, Controller of the Currency, or the
					 Commissioner, a state or federal savings and loan association, a municipal,
					 county, state, or federal governmental agency, a state or federally chartered
					 credit union, an insurance or title insurance company admitted to do business
					 in the State of California, a company doing business under the Industrial Loan
					 Law of the State of California, a company licensed to do business under the
					 Escrow Law of the State of California, an attorney at law admitted to practice
					 in the State of California, or any person or persons whose principal business
					 is that of preparing abstracts or making searches of title that are used as a
					 basis for the issuance of a policy of title insurance by a company doing
					 business under any law of this state relating to insurance
					 companies.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.206 - Printed Instructions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  A preprinted form of escrow instructions shall not contain:
(1) An authorization or direction to disburse
				  any money except to an authorized subescrow agent prior to recordation of
				  instruments in escrows relating to real property or prior to consummation of
				  sale in escrows relating to bulk sales of personal property; or
(2) An authorization or direction to deliver,
				  except to a duly authorized subescrow agent, or record instruments affecting
				  ownership or interest in real or personal property, prior to deposit with the
				  association or service corporation or an authorized subescrow agent of the full
				  sum of money required to be deposited in escrow under escrow
				  instructions.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.207 - Enforcement of Money Judgment, Status of Funds and Interest

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Escrow or trust funds are not subject to
				  enforcement of a money judgment arising out of any claim against the
				  association or service corporation acting as an escrow agent, and in no
				  instance shall such escrow or trust funds be considered or treated as an asset
				  of the association or service corporation unless the association or service
				  corporation is also a principal in the underlying transaction.
(b) Interest paid or payable on funds
				  deposited in escrow by an association or a service corporation are not subject
				  to enforcement of a money judgment arising out of any claim against the
				  association or service corporation.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.208 - Escrow Instructions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  No association or service corporation which acts as an escrow agent shall
				  solicit or accept an escrow instruction or amended or supplemental escrow
				  instruction containing any blank to be filled in after signing or initialing of
				  such escrow instruction or amended or supplemental escrow instruction, nor
				  permit any person to make any addition to, deletion from, or alteration of an
				  escrow instruction or amended or supplemental escrow instruction unless such
				  addition, deletion, or alteration is signed or initialed by all persons who had
				  signed or initiated such escrow instruction or amended or supplemental escrow
				  instruction prior to such addition, deletion, or alteration.
(b) At the time of execution a copy of each
				  escrow instruction or amended or supplemental escrow instruction shall be
				  delivered to all persons executing the same.
(c) All escrow instructions shall be
				  dated.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.209 - Notice of Affiliation or Interest

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association or service corporation which acts as an
					 escrow agent shall act without partiality to any of the parties to an escrow
					 transaction. If an association or a service corporation which acts as an escrow
					 agent or an affiliate or an affiliated person of the association or service
					 corporation is a principal in the escrow transaction or is acting or has acted
					 as broker or salesman in relation to the escrow transaction, the association or
					 service corporation shall advise in writing all parties to the escrow
					 transaction of such relationship or affiliation before being employed as escrow
					 agent in connection with such transaction. Such advice shall be on the face of
					 the escrow instructions in large, bold type situated in a conspicuous
					 location.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.210 - Debit Balances Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association or service corporation which acts as an
					 escrow agent shall not withdraw, pay out, or transfer moneys from any
					 particular escrow account in excess of the amount to the credit of such account
					 at the time of such withdrawal, payment, or transfer.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.211 - Statement of Account

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Upon completion of an escrow transaction, the association
					 or service corporation which is acting as an escrow agent shall render to each
					 principal to the escrow transaction a statement of account in writing. Such
					 statement shall specify all receipts and disbursements of escrow funds for such
					 principal's account. Charges made by the association or service corporation for
					 escrow services, and all disbursements by the association or service
					 corporation to a broker or salesman in connection with an escrow transaction
					 shall be clearly designated as such and shall be shown separately from
					 disbursements of the association or service corporation. Payments outside of
					 escrow, if shown in the statement, shall be set forth separately from payments
					 by or to the association or service corporation.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.212 - Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Every association or service corporation which acts as an
					 escrow agent shall keep and use in its business, books, accounts, and records
					 which will properly enable the Commissioner to determine whether the escrow
					 functions performed by such association or service corporation comply with the
					 provisions of this article.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.213 - Escrow Receipts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association or service corporation which acts as an
					 escrow agent shall issue consecutively prenumbered receipts for all escrow
					 money or checks deposited with or mailed to the association or service
					 corporation and retain copies of such receipts in a separate
					 file.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 88, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 10 - Escrow Operations › Article 2 - Escrow Operations › Section 110.214 - Unlawful Commissions, Referral Fees, Etc.; Other Prohibited Arrangements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Except for the
				  normal compensation of its own employees, a service corporation which acts as
				  an escrow agent shall not pay to any other person any commission, fee, or other
				  consideration as compensation for referring, soliciting, handling, or servicing
				  escrow customers or accounts.
(b)
				  Except as permitted by subdivision (c), below, a service corporation which acts
				  as an escrow agent is further prohibited from entering into any arrangement, or
				  other device, either directly or indirectly, or through any other person having
				  a dual capacity, or through any person having a direct or indirect interest in
				  the escrow, permitting any fee, commission, or compensation which is contingent
				  upon the performance of any act, condition, or instruction set forth in an
				  escrow to be drawn or paid, either in whole or in part, or in kind or its
				  equivalent, prior to the actual closing and completion of the escrow.
(c) A disbursal, other than for a fee,
				  commission, or compensation, may be advanced or paid out prior to the close of
				  an escrow if the written instructions of all parties to the transaction so
				  provide.
1. New
					 section filed 12-7-88; operative 1-6-89 (Register 8, No.
					 52).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						6521,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.1 - Adoption, Amendment and Repeal of Rules. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 of Subchapter 1 (§§
											250 through
					 268) and new Subchapter 1
					 (§§
											250.1 through
					 250.25) filed 11-15-68; designated
					 effective 1-2-69 (Register 68, No. 43). For prior regulations see Registers:
					 12, No. 9; 54, No. 6; 56, Nos. 8, 12; 60, Nos. 6, 15; 61, Nos. 4, 22; 62, No.
					 2; 63, No. 20; 65, No. 14; 67, Nos. 40 and 43.
2. Repealer filed
					 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
3. Change without regulatory effect amending chapter heading
					 filed 8-13-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 33).
4. Amendment of chapter heading
					 filed 8-5-2021; operative 10-1-2021 (Register 2021, No. 32). Transmission
					 deadline specified in Government Code section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.2 - Definitions. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.3 - Statutes Administered by the Commissioner. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 3-7-73 as an emergency; designated effective 3-7-73. Certificate of
					 Compliance included (Register 73, No. 10). For prior history, see Register 70,
					 No. 50.
2. Amendment filed 1-22-75; effective thirtieth day
					 thereafter (Register 75, No. 4).
3. Amendment filed 5-27-77 as
					 procedural and organizational; effective upon filing (Register 77, No.
					 22).
4. Amendment filed 12-29-80; effective thirtieth day thereafter
					 (Register 81, No. 1).
5. Order of Repeal filed 6-3-85 by OAL
					 pursuant to Government Code Section
					 11349.7;
					 effective thirtieth day thereafter (Register 85, No.
					 26).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003,
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400,
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code. Reference: Sections
						25000-
						25804,
						27000-
						27203,
						29000-
						29201,
						31000-
						31516,
						Corporations Code; Sections
						35100-
						35237,
						1340-
						1399,
						Health and Safety Code; Sections
						12000-12403,
						14000-15451,
						17000-17654,
						18000-18705,
						22000-22653,
						24000-24651,
						30000-30704; and Sections
						17750-
						17780,
						Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.4 - Offices of the Department. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 5-27-77 as procedural and organizational; effective upon filing (Register
					 77, No. 22). For prior history, see Register 73, No. 38.
2. Repealer
					 filed 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.5 - Business Hours. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Order of
					 Repeal filed 6-3-85 by OAL pursuant to Government Code Section
					 11349.7;
					 effective thirtieth day thereafter (Register 85, No.
					 26).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.6 - Organization of the Department. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 12-28-73 as procedural and organizational; designated effective 1-1-74
					 (Register 73, No. 52). For prior history, see Register 73, No.
					 26.
2. Amendment filed 5-27-77 as procedural and organizational;
					 effective upon filing (Register 77, No. 22).
3. Repealer filed
					 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.7 - Office for Filing. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 5-27-77 as procedural and organizational; effective upon filing (Register
					 77, No. 22). For prior history, see Register 73, No. 52.
2. Repealer
					 filed 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.8 - Releases. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 10-21-82; effective thirtieth day thereafter (Register 82, No.
					 43).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22400,
						24400 and
						30006,
						Financial Code; and Sections
						1344
						and
						35190,
						Health and Safety Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.9 - Public Inspection of Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
During the regular business hours of the Department,
					 members of the public may inspect the documents on file in the Department which
					 are specified in Section
					 250.9.1 as being subject to public
					 inspection and which are not held confidential pursuant to Section
					 250.10. Copies of such documents,
					 certified under the seal of the Commissioner, will be furnished to any person
					 making a request therefor and paying the appropriate fee. See Section
					 260.617 of these
					 rules.
1. Amendment
					 filed 12-29-80; effective thirtieth day thereafter (Register 81, No.
					 1).
2. Editorial correction of NOTE filed 8-28-85; effective
					 thirtieth day thereafter (Register 85, No. 35).
3. Change without
					 regulatory effect amending section and NOTE filed 4-21-94 pursuant to title 1,
					 section 100, California Code of
					 Regulations (Register 94, No. 16).
4. Change without regulatory
					 effect amending NOTE filed 12-6-94 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 94, No. 49).
5. Change without regulatory
					 effect amending NOTE filed 2-24-99 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 99, No. 9).
6. Change without regulatory
					 effect amending NOTE filed 8-13-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 33).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003,
						28951,
						29561
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22150,
						30006 and
						50304,
						Financial Code; and Section
						5155, Labor
						Code. Reference: Sections
						25605,
						25617,
						27005,
						28505,
						29564,
						31504
						and
						31505,
						Corporations Code; Sections
						12300,
						22160 and
						50304,
						Financial Code; Sections
						6253 and
						6254,
						Government Code; and Sections
						5155,
						5159(d)
						and
						5186, Labor
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.10 - Requests for Confidentiality

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Policy. Upon request pursuant to
				  Subsection (b), the Commissioner will withhold from public inspection pursuant
				  to Section
				  6254 of
				  the Government Code (and Sections
				  25605 or
				  31504 of
				  the Corporations Code, if applicable) for such time as in the Commissioner's
				  judgment is necessary information received in connection with an application
				  (including applications for interpretive opinions) or report, if in the opinion
				  of the Commissioner the public inspection of such information is not necessary
				  in the public interest or for the purposes of the law under which it is filed
				  and such information is reasonably shown to meet any of the following
				  requirements:
(1) Information which is of a
				  proprietary business nature and is in fact confidential, including but not
				  limited to trade secrets.
(2)
				  Information which is of a confidential business nature and which is in fact
				  confidential, the release of which would be damaging or prejudicial to the
				  business concerned.
(3) The name of
				  any present or proposed investor when such information is filed in an
				  application pursuant to Section
				  25113,
				  25121 or
				  25133 of
				  the Corporations Code, if the disclosure of such information may be damaging or
				  prejudicial to such person.
(4) Any
				  other information, upon a showing that a public interest is served in
				  withholding such information.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.10.5 - Disclosure of Confidential Information

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Information held confidential pursuant to
				  Section 250.10 may be disclosed by the
				  Commissioner, at any time and in the Commissioner's sole discretion, whether on
				  the Commissioner's own motion or upon the request of any person:
(1) To other state or federal regulatory
				  agencies, in accordance with law, or
(2) When necessary or appropriate in any
				  proceeding or investigation pursuant to the law under which the information was
				  filed, or
(3) Upon a determination
				  by the Commissioner that continued confidential treatment is no longer
				  justified because the reasons therefore no longer exist or because the public
				  interest in disclosing such information outweighs the public interest in not
				  doing so. If the Commissioner concludes that the disclosure of such information
				  is necessary and urgent in the public interest or that it is impractical under
				  the circumstances to give notice to the person who requested confidential
				  treatment of the information, the information may be disclosed without notice.
				  Otherwise, the person who requested confidential treatment of such information
				  will be given notice that the release of such information is under
				  consideration and the reasons therefore, and an opportunity to make
				  representations promptly, within not more than five business days, regarding
				  the continued need and justification for continued
				  confidentiality.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 1 - General Provisions › Article 1 - Administration › Section 250.11 - Appearance and Practice Before the Department

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In any proceeding before the Commissioner, any person may
					 be represented by an attorney at law admitted to practice before the highest
					 court of any state or territory of the United States, or the Court of Appeals
					 or the District Court of the United States for the District of Columbia. Any
					 individual may, however, appear before the Department in his own behalf, a
					 member of a partnership may represent the partnership, and an authorized
					 officer of a corporation, trust or association may represent such corporation,
					 trust or association.
1. Editorial
					 correction adding NOTE filed 6-7-83 (Register 83, No. 24).
2.
					 Editorial correction of NOTE filed 8-28-85; effective thirtieth day thereafter
					 (Register 85, No. 35).
3. Change without regulatory effect amending
					 NOTE filed 6-3-94 pursuant to title 1, section
					 100, California Code of
					 Regulations (Register 94, No. 22).
4. Change without regulatory
					 effect amending NOTE filed 12-6-94 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 94, No. 49).
5. Change without regulatory
					 effect amending NOTE filed 2-24-99 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 99, No. 9).
6. Change without regulatory
					 effect amending NOTE filed 8-13-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 33).
Note: Authority cited: Section
						17771,
						Business and Professions Code; Sections
						25610,
						27003,
						29561,
						29851
						and
						31502,
						Corporations Code; Sections
						12300,
						14201,
						17400,
						18347,
						22150,
						30006 and
						50304,
						Financial Code; and Section
						5155, Labor
						Code. Reference: Sections
						25000-
						25804,
						27000-
						27202,
						28000-
						28958,
						29500-
						29572
						and
						31000-
						31516,
						Corporations Code; Sections
						12000-
						12403,
						14000-
						15451,
						17000-
						17654,
						18000-
						18705,
						22000-
						22780,
						30000-
						30704 and
						50000-
						50602,
						Financial Code; and Sections
						5150-
						5210, Labor
						Code.