CHAPTER 3. Escrow Regulations [17400. - 17425.]
Chapter 3 enacted by Stats. 1951, Ch. 364.
§§ 17400–17425 · 33 sections
- § 17400 The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this division,…
- § 17402 No person subject to this division or any officer thereof shall advertise in any manner or publish any statement of its capital, other than amounts fully paid…
- § 17403 (a) No person subject to this division shall issue, circulate, or publish any advertisement by any means of communication, or make use of or circulate any…
- § 17403.1 No person subject to this division shall describe as an escrow, whether orally, in writing, or electronically, any transaction that is not defined as such in…
- § 17403.2 (a) No person subject to this division shall solicit or accept an escrow instruction or amended or supplemental escrow instruction containing any blank to be…
- § 17403.3 (a) 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…
- § 17403.4 All written escrow instructions and all escrow instructions transmitted electronically over the Internet executed by a buyer or seller, whether prepared by a…
- § 17403.5 (a) All records required by this chapter may be retained by an Internet escrow agent and provided to the commissioner in electronic format. (b) All transfers…
- § 17404 Every person subject to this division shall keep and use in its business, books, accounts, and records which will properly enable the commissioner to determine…
- § 17405 (a) The business, accounts and records of every person performing as an escrow agent, whether required to be licensed under this division or not, are subject…
- § 17405.1 The cost of every inspection and examination of a licensee or other person subject to this division shall be paid to the commissioner by the licensee or person…
- § 17406 (a) Each licensee shall submit to the commissioner, at the licensee’s own expense, an audit report containing audited financial statements covering the…
- § 17406.1 (a) Whenever the reports and financial statements required pursuant to subdivision (a), (b), or (c) of Section 17406 are to be reported upon or certified by an…
- § 17408 (a) If any person subject to this division fails to make any report required by law or by the commissioner, the commissioner may immediately cause the books,…
- § 17409 (a) All moneys deposited in escrow to be delivered upon the close of the escrow or upon any other contingency shall be deposited and maintained in a…
- § 17409.1 (a) Each person subject to this chapter shall maintain separate escrow trust accounts for each licensed location. Transfers between accounts are prohibited…
- § 17410 (a) Escrow or trust funds are not subject to enforcement of a money judgment arising out of any claim against the licensee or person acting as escrow agent,…
- § 17411 No person shall knowingly keep or cause to be kept any funds or money in any bank or state or federal savings and loan association under the heading of “trust…
- § 17411.1 “Trust funds” or “escrow accounts” as used in Sections 17409, 17410, and 17411 shall include all funds required to be held by an escrow agent pursuant to a…
- § 17414 (a) It is a violation for any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of any such person to do any…
- § 17414.1 (a) Any person who has been convicted of or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years, or has been held liable…
- § 17414.2 (a) In response to any written request by an escrow agent or by Fidelity Corporation, any bank, savings association, credit union, any other financial…
- § 17415 (a) If the commissioner, as a result of any examination or from any report made to the commissioner, shall find that any person subject to this division is in…
- § 17416 Whenever in the opinion of the commissioner any person, except as named in Section 17006, is engaged, either actually or through subterfuge, in the business of…
- § 17419 On and after January 1, 1992, any person seeking employment with an escrow agent shall complete an employment application on or before the first day of…
- § 17420 Except for the normal compensation of his own employees, it shall be a violation of this division for any person subject to this division to pay over to any…
- § 17421 Notwithstanding the provisions of Section 17420, a disbursal, other than for a fee, commission or compensation may be advanced or paid out prior to the close…
- § 17421.5 (a) Notwithstanding Section 17420, a licensee may charge a fee for administering an escrow that has been postponed for at least two months from the most recent…
- § 17422 A joint control agent, unless acting pursuant to written instructions of his principals, shall not disburse funds for the payment of the cost of labor,…
- § 17423 (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from…
- § 17423.1 (a) (1) Whenever the commissioner takes any enforcement or disciplinary action pursuant to Section 17423, upon the action becoming final the commissioner shall…
- § 17424 (a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country for an…
- § 17425 Any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of that person who violates any provision of the federal…