reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1713 - Additional Information. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 12-3-81; effective thirtieth day thereafter (Register 81, No.
					 49).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1714 - Financial Statement. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 12-3-81; effective thirtieth day thereafter (Register 81, No.
					 49).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1714.1 - Independent Accountant. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction of NOTE filed 10-13-82 (Register 82, No.
					 42).
3. Amendment filed 1-5-87; effective thirtieth day thereafter
					 (Register 87, No. 2).
4. Repealer filed 12-16-97; operative 1-15-98
					 (Register 97, No. 51).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17406,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1715 - Branch Offices. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 11-13-58; effective thirtieth day thereafter (Register 58, No.
					 21).
2. Amendment filed 6-27-74; effective thirtieth day thereafter
					 (Register 74, No. 26).
3. Repealer filed 12-3-81; effective
					 thirtieth day thereafter (Register 81, No. 49).
Note: Additional authority cited: Section
						17400,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1716 - Locations. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter
					 (Register 74, No. 26).
3. Repealer filed 12-3-81; effective
					 thirtieth day thereafter (Register 81, No.
					 49).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1716.1 - Similar Names. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction of NOTE filed 10-13-82 (Register 82, No.
					 42).
3. Repealer filed 12-16-97; operative 1-15-98 (Register 97, No.
					 51).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17209.3,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1717 - Filing Copies of Certificates

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A corporate licensee shall file with the commissioner a
					 copy of any certificate affecting the licensee corporation hereafter filed by
					 it with the Secretary of State and not theretofore filed with the
					 commissioner.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction of NOTE filed 10-13-82 (Register 82, No.
					 42).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17213.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1717.1 - Notice of Judgments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall notify the Commissioner in writing
					 immediately after an entry of a money judgment in a civil action against the
					 escrow agent, or entry of a judgment involving moral turpitude against any
					 escrow agent, officer, or director of an escrow agent, or the person meeting
					 the requirements of Section
					 17200.8 of the Escrow Law, and
					 immediately after the filing of a criminal action involving moral turpitude
					 against the escrow agent, or any of its officers, or directors, or the person
					 meeting the requirements of Section
					 17200.8 of the Escrow
					 Law.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 11-24-65; effective thirtieth day thereafter
					 (Register 65, No. 23).
3. Editorial correction of NOTE filed
					 10-13-82 (Register 82, No. 42).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17200.8 and
						17210,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 2 - Applications › Section 1717.2 - Experience Requirement for Internet Escrow Agents (with Respect to Personal Property Transactions)

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Within the organization of each Internet escrow agent
					 corporation engaged in the business of escrows involving personal property, one
					 or more qualified persons shall demonstrate knowledge and understanding of the
					 Escrow Law (as set forth in Division 6 (commencing with Section
					 17000) of the Financial Code), the
					 rules promulgated thereunder and accounting practices and procedures as
					 follows:
(a) Execute a declaration
				  certifying under penalty of perjury that the person has read and understood the
				  provisions of Division 6 of the Financial Code and these rules promulgated
				  under the Escrow Law; and
(b)
				  Possess a minimum of two years of experience performing and/or supervising
				  accounting functions that are similar to those functions that will be necessary
				  to maintain the books, records and accounts of the Internet escrow agent as
				  required by the Escrow Law and these rules; or
(c) Successful completion of beginning and
				  intermediate accounting courses or equivalent accounting courses with a grade
				  of "C" or better (or a "passing" or equivalent grade when no letter grade is
				  awarded) from an accredited college. College transcripts shall be provided to
				  the Commissioner to demonstrate this requirement has been met. An "accredited"
				  college means a University of California, a California State University, a
				  California Community College, or another college or university approved (or
				  exempt from approval) by the California Bureau for Private Postsecondary and
				  Vocational Education.
1. New
					 section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code
					 section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17200.8,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1718.1 - Form of Escrow Agent Surety Bond

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The escrow agent surety bond required
				  under Financial Code Section
				  17202 shall
				  be filed upon the form set forth in subsection (c) of this section.
(b) The original surety bond must be filed
				  with the Commissioner of Business Oversight and must include all of the
				  following:
(1) The signature of the
				  attorney-in-fact for the surety company;
(2) A notarial jurat for the
				  attorney-in-fact;
(3) A power of
				  attorney from the surety company;
(4) The legal name of the licensee. If
				  applicable, business name(s) may also be included;
(5) The signature of the licensee;
				  and
(6) The notarial jurat for the
				  signature of the licensee.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1719 - Additional Bond. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Repealer filed 8-11-83; effective thirtieth day thereafter
					 (Register 83, No. 33).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1720 - Employee Bonds. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Repealer filed 8-11-83; effective thirtieth day thereafter
					 (Register 83, No. 33).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1721 - Filing Employee Bonds. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Repealer filed 8-11-83; effective thirtieth day thereafter
					 (Register 83, No. 33).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1722 - Employee Bond Coverage

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except as otherwise provided in Section
					 1723 of these rules, a bond or
					 bonds filed pursuant to Section
					 17203.1 of
					 the Financial Code shall have at least the coverage provided in standard forms
					 of fidelity, commercial blanket or blanket position bonds. Any additional
					 coverage in such bonds is optional with the escrow agent.
1. Amendment
					 filed 8-11-83; effective thirtieth day thereafter (Register 83, No.
					 33).
2. Amendment of section and NOTE filed 5-1-2000 as an
					 emergency; operative 5-1-2000 (Register 2000, No. 18). A Certificate of
					 Compliance must be transmitted to OAL by 8-29-2000 or emergency language will
					 be repealed by operation of law on the following day.
3.
					 Reinstatement of section as it existed prior to 5-1-2000 emergency amendment by
					 operation of Government Code Section
					 11346.1(f)
					 (Register 2000, No. 35).
4. Amendment of section and NOTE filed
					 8-30-2000 as an emergency; operative 8-30-2000 (Register 2000, No. 35). A
					 Certificate of Compliance must be transmitted to OAL by 12-28-2000 or emergency
					 language will be repealed by operation of law on the following
					 day.
5. Certificate of Compliance as to 8-30-2000 order transmitted
					 to OAL 11-30-2000 and filed 1-10-2001 (Register 2001, No.
					 2).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17203.1 and
						17312,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1724 - Term of Employee Bonds. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Repealer filed 8-11-83; effective thirtieth day thereafter
					 (Register 83, No. 33).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1725 - California Escrow Rider

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A bond shall contain the "California Escrow Rider," as in
					 effect on July 1, 1983.
1. Amendment
					 filed 8-11-83; effective thirtieth day thereafter (Register 83, No.
					 33).
2. Repealer filed 5-1-2000 as an emergency; operative 5-1-2000
					 (Register 2000, No. 18). A Certificate of Compliance must be transmitted to OAL
					 by 8-29-2000 or emergency language will be repealed by operation of law on the
					 following day.
3. Reinstatement of section as it existed prior to
					 5-1-2000 emergency amendment by operation of Government Code Section
					 11346.1(f)
					 (Register 2000, No. 35).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Section
						17204,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 3 - Bonds › Section 1726.1 - Corporate Surety

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A corporate surety which is an admitted insurer in the
					 State of California is satisfactory to the commissioner.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1729 - Inspection and Examination by Commissioner

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner may consider the following factors in
					 determining how often an examination required under subdivision (c) of Section
					 17405 of
					 the Financial Code shall be conducted:
(a) Past and current violations of the Escrow
				  Law and the regulations promulgated thereunder, taking into consideration the
				  nature and severity of the violations and the number of violations.
(b) The number of years the escrow agent has
				  been licensed under the Escrow Law.
1. New
					 section filed 12-31-2001 as an emergency; operative 1-1-2002 (Register 2002,
					 No. 1). A Certificate of Compliance must be transmitted to OAL by 5-1-2002 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 4-29-2002 as an emergency; operative
					 4-30-2002 (Register 2002, No. 18). A Certificate of Compliance must be
					 transmitted to OAL by 8-28-2002 or emergency language will be repealed by
					 operation of law on the following day.
3. Certificate of Compliance
					 as to 4-29-2002 order transmitted to OAL 7-9-2002 and filed 8-20-2002 (Register
					 2002, No. 34).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17405,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1730 - Maintenance of Books

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  escrow agent who is engaged in the business of receiving escrows specified in
				  subdivision (c) of Section
				  17312 of
				  the Financial Code and is required to be a member of Escrow Agents' Fidelity
				  Corporation shall have its business offices located in the State of California
				  and shall maintain its books, records and accounts in the State of California.
				  An escrow agent who is not engaged in the business of receiving escrows
				  specified in subdivision (c) of Section
				  17312 of
				  the Financial Code and is not required to be a member of Escrow Agents'
				  Fidelity Corporation shall maintain its books, records and accounts in the
				  State of California or in the state the escrow agent is located in.
(b) An escrow agent shall notify the
				  Commissioner in writing of the location of its books, records and accounts.
				  Such books, records and accounts shall be maintained at such location unless
				  the escrow agent notifies the Commissioner in writing at least 15 days prior to
				  changing the location of such books.
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Editorial correction adding NOTE filed 4-6-83 (Register 83,
					 No. 15).
3. Amendment of section and NOTE filed 7-21-2003; operative
					 7-21-2003 pursuant to Government Code section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17404 and
						17405,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1730.1 - License Application: Out-of-State Locations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A license for a business location outside this state may be
					 issued only to an escrow agent who is not engaged in the business of receiving
					 escrows specified in subdivision (c) of Section
					 17312 of
					 the Financial Code and is not required to be a member of Escrow Agents'
					 Fidelity Corporation if the escrow agent agrees in writing in the license
					 application to pay the reasonable expenses for travel, meals and lodging of the
					 Commissioner or the Commissioner's representatives incurred during any
					 investigation or examination made at the escrow agent's location outside this
					 state.
1. New
					 section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code
					 section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17209,
						17404 and
						17405,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1731 - Annual Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent should make its annual report on an accrual
					 basis.
1. Amendment
					 filed 6-27-74; effective thirtieth day thereafter (Register 74, No.
					 26).
2. Editorial correction adding NOTE filed 4-6-83 (Register 83,
					 No. 15).
Note: Authority cited: Sections
						17400,
						17401 and
						17406(j),
						Financial Code. Reference: Section
						17406,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1731.1 - Date of Annual Report. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Repealer filed 7-8-83; effective thirtieth day thereafter
					 (Register 83, No. 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1731.2 - Confirmation of Escrow Fund and Liability. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction adding NOTE filed 4-6-83 (Register 83,
					 No. 15).
3. Repealer filed 12-16-97; operative 1-15-98 (Register 97,
					 No. 51).
Note: Authority cited: Sections
						17400,
						17401 and
						17406(j),
						Financial Code. Reference: Section
						17406,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1731.3 - Schedule of Escrow Liability. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Section
						17406,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1732 - Basis of Books

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall maintain its books, records and
					 accounts in accordance with generally accepted accounting principles and good
					 business practice.
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Section
						17404,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1732.1 - Posting Dates

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
All receipts and disbursements of moneys shall be posted in
					 the escrow ledger as of the date of such receipts and disbursements, regardless
					 of the date of posting.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter
					 (Register 74, No. 26).
3. Editorial correction adding NOTE filed
					 4-6-83 (Register 83, No. 15).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Sections
						17404 and
						17409,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1732.2 - Escrow Books

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  escrow agent shall establish and maintain currently the following books with
				  reference to its escrow accounts:
(1) Escrow
				  ledger containing a separate ledger sheet for each escrow;
(2) Escrow liability controlling
				  account;
(3) Cash receipt and
				  disbursement journal or a file containing copies of all receipts and checks
				  and/or check stubs of checks issued by the escrow agent as a medium of posting
				  to the records referred to in subsections (1) and (2) in which case adding
				  machine tapes of totals of receipts and checks shall be retained. The records
				  referred to in subsections (1) and (2) shall be reconciled at least once each
				  month with the bank statements of the "trust" or "escrow" account. The records
				  referred to in subsection (1) shall be reconciled at least once each week with
				  the escrow liability controlling account referred to in subsection
				  (2).
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1732.3 - General Books

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall establish and maintain currently the
					 following books with reference to its general accounts:
(a) General ledger reflecting the assets,
				  liabilities, capital, income and expense of the business, in accordance with
				  generally accepted accounting principles;
(b) Cash receipt and disbursement journal.
The bank accounts contained in the general ledger shall be
					 reconciled at least once each month with the bank statements of the general
					 accounts.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter
					 (Register 74, No. 26).
3. Amendment filed 7-8-83; effective
					 thirtieth day thereafter (Register 83, No. 28).
4. Editorial
					 correction of printing errors in subsections (a) and (b) (Register 96, No.
					 52).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Section
						17404,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1733 - Books Accessible. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 7-8-83; effective thirtieth day thereafter (Register 83, No.
					 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1734 - Time for Filing Annual Report. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 3).
2. Repealer filed 7-8-83; effective thirtieth day thereafter
					 (Register 83, No. 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1735 - Special Reports. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Repealer filed 7-8-83; effective thirtieth day thereafter
					 (Register 83, No. 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1736 - Extension of Time for Reports. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 7-8-83; effective thirtieth day thereafter (Register 83, No.
					 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1737 - Special Accounts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Except as provided in Section
				  1737.1 of these rules, all money
				  received by an escrow agent as part of an escrow transaction shall on or before
				  the close of the next full working day after such receipt be deposited in a
				  bank, a savings bank, or a savings and loan association in an account
				  designated "trust" or "escrow" account. No funds other than those received as
				  part of an escrow transaction shall be deposited in such account or otherwise
				  commingled with escrow money.
(b)
				  Pursuant to written instructions of the principals or electronic instructions
				  received by an Internet escrow agent from the principals containing at least
				  the provisions required by subsection (c), funds received in any particular
				  escrow transaction and deposited pursuant to subsection (a) may subsequently be
				  deposited into an interest-bearing escrow account established solely for such
				  purpose at a bank, savings bank, savings and loan association or credit union
				  ("financial institution") in the name of the escrow agent as trustee for the
				  principals to the particular escrow identified by escrow number.
(c) The escrow instructions for
				  interest-bearing escrow deposits shall, at a minimum:
(1) authorize the opening of an
				  interest-bearing escrow account in the name of the escrow agent as trustee for
				  the particular escrow identified by escrow number;
(2) specify the type of account to be opened
				  and the amount of the deposit;
(3)
				  identify the name and location of the financial institution with which the
				  interest-bearing account is to be opened;
(4) specify
(A) the disposition of the interest at the
				  close of escrow,
(B) the
				  disposition of the interest in the event that the escrow fails to close,
				  and
(C) the disposition of any
				  accrued interest retained in the interest-bearing escrow account after the
				  close of escrow pursuant to subsection (g);
(5) indicate that the principals have been
				  advised by the escrow agent of possible restrictions and/or penalties for early
				  withdrawal of funds; and
(6)
				  prohibit the escrow agent from withdrawing funds from the interest-bearing
				  account except for redeposit into the "trust" or "escrow"
				  account.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1737.2 - Internet-Authorized Equivalent of Money

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An Internet escrow agent who is engaged
				  in the business of escrows involving personal property or services may accept
				  the Internet-authorized equivalent of money for the purpose of effecting the
				  sale or transfer of such personal property or services. An Internet escrow
				  agent shall not withdraw, pay out or transfer monies from a particular escrow
				  for deposits received from the Internet-authorized equivalent of money prior to
				  the deposit of monies into the trust or escrow bank account.
(b) An Internet escrow agent who wishes to
				  transact business on a basis other than as provided by this section may request
				  in writing a variance or waiver to the provisions in this section, but may not
				  engage in business in a manner not in compliance with this section without
				  first having received a waiver or variance in writing from the
				  Commissioner.
1. New
					 section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code
					 section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17003,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1737.3 - Records to be Preserved

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  An escrow agent shall preserve for at least five years from the close of
				  escrow:
(1) All bank statements of the
				  "trust" or "escrow" account;
(2)
				  All canceled checks drawn upon the "trust" or "escrow" account;
(3) Copies of bank deposit slips with
				  reference to the "trust" or "escrow" account;
(4) All additional records reflecting banking
				  transactions with reference to the "trust" or "escrow" account, including
				  copies of all receipts for funds transferred from interest-bearing accounts
				  into the "trust" or "escrow" account;
(5) The Statement of Account;
(6) Escrow instructions and amendments
				  thereto;
(7) All additional records
				  pertinent to the escrow transaction.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738 - Withdrawals from Special Accounts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All money deposited in such "trust" or
				  "escrow" account shall be withdrawn, paid out, or transferred to other accounts
				  only in accordance with the written escrow instructions of the principals to
				  the escrow transaction or the escrow instructions transmitted electronically
				  over the Internet executed by the principals to the escrow transaction or
				  pursuant to order of a court of competent jurisdiction.
(b) The escrow agent shall comply with, at a
				  minimum, the following procedures for wire transfers (also known as "electronic
				  fund transfers"):
(1) The instructions of the
				  principals authorizing the wire transfer must contain, at a minimum, the amount
				  of the funds to be wire transferred, the name of the financial institution, the
				  account number and the account name receiving the funds.
(2) The escrow agent shall retain
				  confirmation of the wire transfer from the financial institution that contains,
				  at a minimum, the amount of the funds wire transferred and the account number
				  and name of the account the funds were wire transferred to.
(3) If necessary, the escrow books shall be
				  properly adjusted to reflect the wire transfer of funds from the escrow
				  account.
(4) The escrow agent shall
				  maintain a proper audit trail and adequate controls and safeguards for funds
				  disbursed by wire transfer.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.1 - Debit Balances Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall not withdraw, pay out, or transfer
					 monies 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 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction adding NOTE filed 4-6-83 (Register 83,
					 No. 15).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Section
						17409,
						Financial Code
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.2 - Delivery of Documents or Property

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall use documents or other property
					 deposited in escrow only in accordance with the written escrow instructions of
					 the principals to the escrow transaction or the escrow instructions transmitted
					 electronically over the Internet executed by the principals to the escrow
					 transaction, or if not otherwise directed by written or electronically executed
					 instructions, in accordance with sound escrow practice, or pursuant to order of
					 a court of competent jurisdiction.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 11-13-58; effective thirtieth day thereafter
					 (Register 58, No. 21).
3. Editorial correction of NOTE filed 4-6-83
					 (Register 83, No. 15).
4. Amendment of section and NOTE filed
					 7-21-2003; operative 7-21-2003 pursuant to Government Code section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17403.2 and
						17403.3,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.3 - Dated

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
All written escrow instructions and all escrow instructions
					 transmitted over the Internet shall be dated.
1. New
					 section filed 3-3-52, effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction adding NOTE filed 4-6-83 (Register 83,
					 No. 15).
3. Amendment filed 12-16-97; operative 1-15-98 (Register
					 97, No. 51).
4. Amendment of section and NOTE filed 7-21-2003;
					 operative 7-21-2003 pursuant to Government Code section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17403.2,
						17403.3 and
						17404,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.4 - 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 or Controller of the Currency, a
					 state or federal savings and loan or building and loan association, a
					 municipal, county, state, or federal government agency, a state or federally
					 chartered credit union, an insurance or title insurance company admitted to do
					 business in the State of California, an attorney at law admitted to practice 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, 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 or any other state relating to
					 insurance companies.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Editorial correction adding NOTE filed 4-4-83 (Register 83,
					 No. 15).
3. Editorial correction of printing errors in section
					 (Register 96, No. 52).
4. Amendment filed 12-16-97; operative
					 1-15-98 (Register 97, No. 51).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Sections
						17409,
						17420 and
						17608,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.5 - Escrow Instructions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following shall be contained on the face or first page
					 of the escrow instructions, or attached as a separate amendment to the escrow
					 instructions, but only in the case where the escrow agent proposes to act
					 accordingly to the following, enumerated instructions:
(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
				  escrow agent or an authorized subescrow agent of the full sum of money required
				  to be deposited in escrow under escrow instructions.
(3) An instruction authorizing disbursements
				  in payment of services, or other items of expense, not including, however,
				  commissions payable to brokers or agents.
(4) An instruction in not less than 8 point
				  bold type stating:
"The principals to the transaction agree that if no
					 additional instructions are received from one or both of the principals to the
					 transaction within 120 days from the date escrow is to close, the escrow holder
					 shall consider the escrow canceled and is authorized to take a cancellation fee
					 in the amount specified in the instruction and disburse any remaining deposits
					 to the parties specified in the instruction."
In order for the instruction to be valid, it must be
					 initialed or electronically executed by the principals to the transaction. The
					 principals to the transaction are the buyer and seller or the borrower and
					 lender.
1. New
					 section filed 3-3-52 effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment of subsection (a) filed 7-8-83; effective thirtieth
					 day thereafter (Register 83, No. 28).
3. Editorial correction of
					 printing error in subsection (a)(2) (Register 96, No. 52).
4.
					 Repealer and new subsection (a), new subsections (a)(3)-(4), and repealer of
					 subsections (b)-(b)(2) filed 12-16-97; operative 1-15-98 (Register 97, No.
					 51).
5. Amendment of section heading, last paragraph and NOTE filed
					 7-21-2003; operative 7-21-2003 pursuant to Government Code section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Section
						17403.3,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1738.6 - Escrow Instructions Transmitted over the Internet; Electronic Signatures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Internet escrow agents may accept escrow instructions that are created,
				  generated, sent, communicated, received or stored by electronic means provided
				  that the principals to the transaction agree to conduct the transaction
				  electronically.
(b) The Internet
				  escrow agent shall require that the principals to the transaction acknowledge
				  that they are able to electronically receive the escrow instructions, download
				  the escrow instructions, and print the escrow instructions. The Internet escrow
				  agent shall maintain a record of the principal's acknowledgment. In the event a
				  principal to the transaction is not able to receive the escrow instructions
				  electronically, download the escrow instructions and print the escrow
				  instructions, the Internet escrow agent shall mail a true and correct copy of
				  the instructions to the person within 24 hours of execution. The Internet
				  escrow agent shall retain a record of each mailing.
(c) The principals to the transaction may
				  execute the escrow instructions referred to in subsection (a) and other escrow
				  documents with an "electronic signature" that complies with the federal
				  Electronic Signatures in Global and National Commerce Act (the E-Sign Act)
				  (15 U.S.C. Sec.
				  7001, et seq.).
1. New
					 section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code
					 section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17403.2 and
						17403.3,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1739 - Withdrawal of Escrow Fees. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Editorial
					 correction adding NOTE filed 4-6-83 (Register 83, No. 15).
2.
					 Repealer filed 12-16-97; operative 1-15-98 (Register 97, No.
					 51).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code. Reference: Sections
						17409 and
						17411,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1740 - Solvency. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter
					 (Register 74, No. 26).
3. Repealer filed 7-8-83; effective thirtieth
					 day thereafter (Register 83, No. 28).
Note: Authority cited: Sections
						17400 and
						17401,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1740.1 - Notice of Interest

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An escrow agent shall act without partiality to any of the
					 parties to an escrow transaction. If an escrow agent or a person or company
					 related to or affiliated with the escrow agent is a principal to the escrow
					 transaction or is acting or has acted as broker or salesman in relation to the
					 escrow transaction, the escrow agent 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 not less than eight (8) point bold type.
					 Internet escrow agents may transmit the advice electronically over the Internet
					 to all parties to the escrow transaction.
1. New
					 section filed 3-3-52; effective thirtieth day thereafter (Register 27, No.
					 5).
2. Amendment filed 10-6-72; effective thirtieth day thereafter
					 (Register 72, No. 41)
3. Amendment filed 7-8-83; effective thirtieth
					 day thereafter (Register 83, No. 28).
4. Amendment filed 12-16-97;
					 operative 1-15-98 (Register 97, No. 51).
5. Amendment of section and
					 NOTE filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section
					 11343.4
					 (Register 2003, No. 30).
Note: Authority cited: Section
						17400,
						Financial Code. Reference: Sections
						17420,
						17421 and
						17603,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 9 - Escrow Agents › Article 4 - Books, Records and Accounts › Section 1740.2 - Liquid Assets Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The term "liquid assets" as referred to in Section
					 17210 of
					 the Financial Code includes the following:
(a) Cash on hand or in bank.
(b) Cash in transit.
(c) Securities whose marketability and value
				  are established by satisfactory proof.
(d) Direct obligations of the United States
				  Government.
(e) Bonds of state and
				  government units whose marketability and value are established by satisfactory
				  proof.
(f) Investments in savings
				  and loan associations and other financial institutions upon satisfactory proof
				  that the funds of the licensee are readily available upon demand.
1. New
					 section filed 11-13-58; effective thirtieth day thereafter (Register 58, No.
					 21).
2. Amendment filed 11-24-65; effective thirtieth day thereafter
					 (Register 65, No. 23).
3. Amendment filed 6-27-74; effective
					 thirtieth day thereafter (Register 74, No. 26).
4. Editorial
					 correction adding NOTE filed 4-6-83 (Register 83, No.
					 15).
Note: Authority cited: Sections
						17210,
						17400 and
						17401,
						Financial Code. Reference: Sections
						17210 and
						17415,
						Financial Code.