California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 1660 — This chapter does not apply to any of the following transactions: (a) An acquisition of control of a California state bank that requires the approval of the commissioner under Chapter 7 (commencing wi
• § 16600 — (a) A foreign (other nation) credit union that has a license to establish and maintain an office may engage in activities at the office as may be authorized under applicable laws of its home country a
• § 16601 — (a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner’s approval.
• § 16602 — (a) The following provisions of this code apply to a foreign (other nation) credit union that maintains a branch office or agency with respect to its business in this state as if the foreign (other na
• § 16603 — (a) Any foreign (other nation) credit union that is authorized to and does maintain a branch office or agency is exempted from the restrictions of Section 1 of Article XV of the California Constitutio
• § 16604 — (a) A foreign (other nation) credit union which is licensed to establish and maintain an office or offices shall keep the assets of the offices separate and apart from the assets of its business outsi
• § 16605 — (a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) credit union, means the liabilities of the foreign (other nation) credit union’s business in this st
• § 16607 — (a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) credit union that is licensed to maintain a branch office, means the liabilities of the foreign (oth
• § 1661 — Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall, if the commissioner requi
• § 1662 — The fee for filing with the commissioner an application for an approval under this chapter is two thousand five hundred dollars ($2,500).
• § 1663 — (a) The definitions that are set forth in or are applicable to Section 3(d) of the Bank Holding Company Act of 1956 (12 U.
• § 1664 — (a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.
• § 167 — “Directors” has the meaning set forth in Section 164 of the Corporations Code.
• § 1670 — In this chapter, unless the context otherwise requires: (a) “Branch business unit” has the meaning set forth in subdivision (a) of Section 4840.
• § 16700 — (a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other nation) credit union and of any subsidiary thereof.
• § 16701 — The commissioner may make an examination of a foreign (other nation) credit union at any office of the commissioner.
• § 16702 — (a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file with the commissioner a copy of any audit report ob
• § 16703 — A foreign (other nation) credit union shall file with the commissioner any other report as the commissioner may from time to time require.
• § 16704 — Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at that office, or at any other place that the commissioner may by regulation or order approve, the boo
• § 1671 — Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form, shall contain the information, shall be signed in the m
• § 1672 — (a) Each foreign (other state) bank that maintains a facility or a California branch office shall file with the commissioner such reports as and when the commissioner may by regulation or order requir
• § 1673 — Each foreign (other state) bank that maintains a facility (other than a foreign (other state) national bank that maintains a California branch office) and each foreign (other state) state bank that ma
• § 1674 — Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the commissioner an application by an uninsured foreign (other state) bank for approval to establish a f
• § 1675 — (a) Any foreign (other state) state bank is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to rates of interest upon the loan or forbearance of any m
• § 1676 — (a) In this section, “subject bank” means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virg
• § 1680 — No foreign (other state) state bank may transact core banking business in this state except at a branch office established in accordance with federal law and the law of the domicile of the bank.
• § 16800 — (a) A foreign (other nation) credit union that is licensed to maintain an office may voluntarily surrender the license for the office by filing the license and a report with the commissioner.
• § 1681 — Section 1680 does not prohibit: (a) Any foreign (other state) state bank that does not maintain a California branch office from carrying on the activities described in subdivision (d) of Section 191 o
• § 1682 — No foreign (other state) bank may establish or maintain a California branch office unless it is qualified to transact intrastate business in this state under Chapter 21 (commencing with Section 2100)
• § 1683 — No foreign (other state) bank may establish or maintain a California branch office unless the bank is insured.
• § 1684 — (a) (1) No foreign (other state) bank may merge as the surviving corporation with a California bank, except that an insured foreign (other state) bank may do so in accordance with federal law, the law
• § 1685 — (a) No foreign (other state) bank that does not already maintain a California branch office may: (1) Merge as the surviving bank with a California bank pursuant to paragraph (1) of subdivision (a) of
• § 1686 — The minimum age requirement set forth in Section 1685 does not apply in any case in which the factor set forth in subdivision (a) and any of the factors set forth in subdivision (b) apply.
• § 1687 — (a) In case a foreign (other state) state bank that maintains a California branch office is a commercial bank, in addition to other provisions of this division and Division 1 (commencing with Section
• § 1688 — Notwithstanding Section 1684, a foreign (other state) bank that does not maintain offices in California may merge with or purchase the whole business unit of a foreign (other state) bank that already
• § 169 — “Disappearing,” when used with respect to a corporation, means a constituent corporation that is not the surviving corporation.
• § 16900 — (a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce compliance with, or to collect any penalty or other liabil
• § 16900.5 — (a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate, Section 16020, the commissioner may order the person to ce
• § 16901 — If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued under this chapter, the commissioner may order the
• § 16902 — If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other nation) credit union that is licensed to maintain an office, the commissioner may issue an or
• § 16903 — (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union that is licensed to maintain an office and that it is n
• § 16904 — Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner.
• § 16905 — (a) Any foreign (other nation) credit union to which an order is issued under Section 16902 and 16903 may apply to the commissioner to modify or rescind the order.
• § 16906 — (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union which is authorized to transact business in this state
• § 17 — “Signature” or “subscription” includes mark.
• § 1700 — No provision of this article applies to an insured foreign (other state) bank that maintains a California branch office.
• § 17000 — This division is known and may be cited as the “Escrow Law.
• § 17001 — Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• § 17002 — “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 17002.5 — “Person” means, in addition to the singular, persons, group of persons, co-operative, association, company, firm, partnership, corporation, limited liability company, or other legal entity.
• § 17003 — (a) “Escrow” means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written in
• § 17004 — “Escrow agent” means any person engaged in the business of receiving escrows for deposit or delivery.
• § 17004.5 — “Internet escrow agent” means any person engaged in the business of receiving escrows for deposit or delivery over the Internet.
• § 17005 — “Licensee” means any person holding a valid, unrevoked license as an escrow agent.
• § 17005.1 — “Joint control agent” means a person engaging in the business of receiving money or other property for disbursal or use in payment of the cost of labor, materials, services, permits, fees, or other it
• § 17005.2 — “Business location” and “business office location” mean a facility or other place of business where a person engages in the business of receiving an escrow for deposit or delivery, but does not includ
• § 17005.3 — “Customer contact center” means a facility operated by an Internet escrow agent that exists solely for the purpose of responding to customer electronic messages and telephone inquiries; provided, that
• § 17005.4 — “Person subject to this division” means any person undertaking the performance of escrow agent services.
• § 17005.5 — “Within this state” means any activity of a person relating to receiving escrows for deposit or delivery that originates from this state and is directed to persons outside this state, or that originat
• § 17005.6 — Except as provided for in Section 17004, “escrow agent” as used in this division includes joint control agents and Internet escrow agents.
• § 17006 — (a) This division does not apply to: (1) Any person doing business under any law of this state or the United States relating to banks, trust companies, building and loan or savings and loan associatio
• § 17006.5 — In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• § 17008 — No foreign corporation shall transact any escrow business in this State without first complying with all the requirements of this division, nor until it has executed and filed with the commissioner a
• § 17009 — The commissioner shall forward by prepaid registered mail a copy of every paper served under this chapter, to the secretary of the corporation at its last known post-office address as shown by the rec
• § 1701 — (a) No insured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless the bank complies with this article and applicable pr
• § 17010 — The commissioner shall collect from the plaintiff at the time of service, the sum of two dollars ($2) for each copy of process served on him pursuant to this chapter.
• § 1702 — Not less than 30 days before an insured foreign (other state) bank establishes a facility, the bank shall file with the commissioner a report and the appointment required pursuant to Section 1703.
• § 1703 — (a) Not less than 30 days before establishing a facility, an insured foreign (other state) bank shall file with the commissioner, in the form that the commissioner may by regulation or order require,
• § 1704 — Not less than 30 days before an insured foreign (other state) bank relocates a facility, it shall file a report with the commissioner.
• § 1705 — Not less than 30 days before an insured foreign (other state) bank closes a facility, it shall file a report with the commissioner.
• § 171 — “Distribution to its shareholders” has the meaning set forth in Section 166 of the Corporations Code.
• § 1710 — In this article, unless the context otherwise requires: (a) “Controlling person,” when used with respect to an uninsured foreign (other state) bank, means any person who directly or indirectly control
• § 1711 — (a) In this section, “act” includes (without limitation) omission.
• § 1712 — (a) No uninsured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless the uninsured foreign (other state) bank is license
• § 1713 — (a) No uninsured foreign (other state) bank may establish or maintain a facility unless the commissioner has first approved the establishment of the office and issued a license authorizing the bank to
• § 1714 — (a) No uninsured foreign (other state) bank that is licensed to maintain a facility may relocate the office unless the commissioner has first approved the relocation and issued a license authorizing t
• § 1715 — An uninsured foreign (other state) bank that is licensed to maintain a facility may, subject to any regulations that the commissioner may prescribe, engage in any noncore banking business at the offic
• § 1716 — (a) (1) No uninsured foreign (other state) bank that is licensed to maintain a facility may close the office unless the commissioner has first approved the closing.
• § 1717 — (a) Any uninsured foreign (other state) bank that holds a license to maintain a facility may voluntarily surrender the license by filing the license and a report with the commissioner.
• § 1718 — (a) (1) No uninsured foreign (other state) bank may be issued a license to maintain a facility unless it has first filed with the commissioner, in the form that the commissioner may by regulation or o
• § 1719 — Each uninsured foreign (other state) bank that is licensed to maintain a facility shall assign to the office a popular name that includes the term “facility” and that consists of a specific designatio
• § 1720 — Each uninsured foreign (other state) bank that is licensed to maintain a facility shall post its license in a conspicuous place at the office.
• § 17200 — It shall be unlawful for any person to engage in business as an escrow agent within this state except by means of a corporation duly organized for that purpose licensed by the commissioner as an escro
• § 17200.8 — (a) Within the organization of each escrow agent corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a minimum of five years of responsible escrow or j
• § 17201 — (a) An application for a license as an escrow agent shall be in writing and in such form as is prescribed by the commissioner.
• § 17202 — (a) At the time of filing an application for an escrow agent’s license, the applicant shall deposit with the commissioner a bond satisfactory to the commissioner in the amount of at least twenty-five
• § 17202.1 — An applicant for an escrow agent’s license or a licensee may, in lieu of and subject to the same conditions as the bond required by Section 17202, deposit with the commissioner a cash bond in the sum
• § 17203 — The bond of an escrow agent shall be conditioned that the licensee will faithfully conform to and abide by the provisions of this division and all the rules made by the commissioner under this divisio
• § 17203.1 — (a) All officers, directors, trustees, and employees of an escrow agent, whether or not compensated, who have access to money or negotiable securities belonging to the escrow agent or in the possessio
• § 17205 — No action may be brought on an escrow agent’s bond by any person after the expiration of two years from the time when the act or default complained of occurs.
• § 17206 — When an action is commenced on an escrow agent’s bond the commissioner may require the filing of a new bond, and immediately upon the recovery of any action on the bond, the licensee shall file a new
• § 17207 — The commissioner shall charge and collect the following fees and assessments: (a) For filing an application for an escrow agent’s license, six hundred twenty-five dollars ($625) for the first office o
• § 17208 — All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund for the sole purpose of administering and enforcing this divisio
• § 17209 — An application for a license as an escrow agent shall be signed and verified by an authorized officer of the applicant, and such application shall be accompanied by a certified copy of the articles of
• § 17209.1 — Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate all facts connected with the proposal, including bu
• § 17209.2 — The commissioner may or may not require an applicant to submit to an appropriate hearing.
• § 17209.3 — The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the commissioner’s examination and investigation, and after appropri
• § 17209.4 — The license shall state whether the licensee is licensed as an escrow agent or joint control agent.
• § 1721 — No license is transferable or assignable.
• § 17210 — (a) An escrow agent licensed on or after January 1, 1986, shall maintain at all times a tangible net worth of fifty thousand dollars ($50,000), including liquid assets of at least twenty-five thousand
• § 17210.1 — The license shall be kept conspicuously posted in all places of business of the licensee.
• § 17210.2 — (a) No escrow agent shall disseminate, or cause or permit to be disseminated, in any manner whatsoever, any statement or representation which is false, misleading, or deceptive, or which omits to stat
• § 17212.1 — All licensees shall notify the commissioner of any changes in shareholders, directors, officers, trustees, managers, and other persons participating in the escrow business directly or indirectly compe
• § 17213 — (a) An escrow agent shall not transact business pursuant to this division under any other name than that set forth in the articles of incorporation as filed with the commissioner.
• § 17213.1 — (a) An escrow agent’s business shall not be removed from the premises or address shown on the license without the prior approval of the commissioner, and notice of any intended change shall be transmi
• § 17213.2 — The commissioner may order a licensed escrow agent which opens a branch office or changes its business location or locations without first obtaining the approval of the commissioner to forfeit to the
• § 17213.5 — Licensees of this division shall be entitled to establish additional business office locations by compliance with all of the following: (a) Filing with the commissioner notice of the intended address,
• § 17214 — (a) There is established in the Department of Financial Protection and Innovation an Escrow Law Advisory Committee consisting of 11 members.
• § 17215 — Whenever the commissioner issues a license or order under this division, the commissioner may impose conditions that are necessary and appropriate to carry out the provisions and purposes of this divi
• § 173 — (a) “Foreign,” when used with respect to a bank, an office of a bank, or any corporation other than a bank, means foreign (other nation) or foreign (other state).
• § 17300 — “Fidelity Corporation” means the Escrow Agents’ Fidelity Corporation.
• § 17301 — “Member” means any person licensed under this division who is required by Section 17312 to be a member of Fidelity Corporation.
• § 17302 — “Trust obligation” means: (a) All money and property deposited with a member within the State of California in an escrow or joint control transaction.
• § 17303 — “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 17304 — “Loss,” within the meaning of this chapter, means the loss of trust obligations held by a member within the State of California as a result of the fraudulent or dishonest abstraction, misappropriation
• § 17305 — “Monthly average escrow liability,” as used in this chapter, means the average escrow liability for the 12-month period as reported in the most recent report made by the member to the commissioner pur
• § 17310 — (a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set forth in this chapter.
• § 17311 — (a) Persons licensed pursuant to this division shall maintain a corporation under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Co
• § 17312 — (a) Each person licensed pursuant to this division who is engaged in the business of receiving escrows specified in subdivision (c) and whose escrow business location is located within the State of Ca
• § 17313 — The commissioner shall review and approve the articles of incorporation and bylaws of Fidelity Corporation before they are filed with the Secretary of State.
• § 17313.1 — The fiscal year of Fidelity Corporation shall commence on July 1 of each year.
• § 17314 — (a) Fidelity Corporation shall pay a member for loss of trust obligations subject to the limitations set forth in this chapter.
• § 17314.1 — (a) Notwithstanding any other provision of this article, Fidelity Corporation shall not be obligated to pay any claim made by a member unless (1) the claim would, except for the dollar amount thereof,
• § 17314.2 — Claims filed prior to the effective date of this chapter shall be governed by the provisions in effect when the loss occurred.
• § 17314.3 — (a) A deductible shall apply to each loss suffered by a member in the amount of five thousand dollars ($5,000), plus 5 percent of the amount by which the loss exceeds five thousand dollars ($5,000).
• § 17315 — The commissioner may establish rules which are reasonable and necessary to carry out the provisions of this chapter.
• § 17320 — Fidelity Corporation shall establish and maintain the following funds for payment of claims and for payment of costs of administration: the membership fund, the operations fund, and the fidelity fund.
• § 17321 — Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate shall consist of assessments for the operations fund and the fidelity fund.
• § 17321.1 — Fidelity Corporation shall levy a special assessment against its members whenever: (a) Deemed necessary by the board of directors in the event of any extraordinary expenses which would seriously deple
• § 17321.2 — Fidelity Corporation shall be entitled to collect late fees as specified in Fidelity Corporation’s bylaws for any late payment of assessments under Section 17320, 17321, or 17321.
• § 17322 — Fidelity Corporation shall report to the commissioner each levy of assessment within 10 business days after the levy.
• § 17323 — (a) In the event any member fails to pay an assessment when due, Fidelity Corporation shall by written demand addressed to the member request the payment of the assessment within 30 days of the demand
• § 17324 — Any reduction in the membership fund caused by payment of an extraordinary expense pursuant to subdivision (a) of Section 17320 or payment of claims pursuant to subdivision (c) of Section 17320 shall
• § 17330 — Any member or successor in interest who suffers a loss may file a claim with Fidelity Corporation for the amount of the loss.
• § 17331 — (a) An applicant applying for licensure as an escrow agent under this division is required to apply for a Fidelity Corporation Certificate, prepared and issued by Fidelity Corporation, for each propos
• § 17331.1 — (a) Any person not previously issued a certificate must, upon employment with an escrow agent within this state, apply to Fidelity Corporation for a certificate.
• § 17331.2 — (a) Fidelity Corporation shall deny the application for a certificate or revoke the certificate of any person, upon any of the following grounds: (1) The application contains a material misrepresentat
• § 17331.3 — (a) Notice to the person, and to the member with whom the person is employed, of the decision to deny an application for or to revoke or suspend a Fidelity Corporation Certificate, shall be effective
• § 17332 — When either Fidelity Corporation or the insurer providing the fidelity bond or insurance policy, if any, under Section 17310, or both, pay an obligation on behalf of a member, Fidelity Corporation and
• § 17333 — The commissioner may forthwith upon written notice and order take possession of the property and business of Fidelity Corporation and retain possession until Fidelity Corporation satisfies the commiss
• § 17334 — Whenever the commissioner has taken possession of the property and business of Fidelity Corporation, Fidelity Corporation within 10 business days after the taking, if it deems itself aggrieved thereby
• § 17335 — An appeal may be taken from the judgment of the court by the commissioner or by Fidelity Corporation in the manner provided by law for appeals from the judgment of a superior court to the court of app
• § 17336 — (a) Fidelity Corporation shall have independent authority to investigate claims filed by members pursuant to Section 17330.
• § 17337 — Fidelity Corporation may invest its funds only as provided by rules of the commissioner adopted with a view to preserving reasonable liquidity.
• § 17339 — Prior to incurring any extraordinary or nonrecurring expense, Fidelity Corporation shall first obtain the written consent of the commissioner.
• § 17340 — In the event the board of directors of Fidelity Corporation deem it necessary and prudent to raise additional moneys for payment of claims or expenses of administration, it may, with the commissioner’
• § 17341 — The commissioner shall give prompt notice to Fidelity Corporation when the commissioner takes possession of the property and business of a member and shall give further prompt notice when the commissi
• § 17342 — Memberships issued by Fidelity Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
• § 17343 — No provision of the Insurance Code shall apply to Fidelity Corporation.
• § 17344 — The operation of Fidelity Corporation shall at all times be subject to the regulation of the commissioner and the commissioner’s duly designated representatives.
• § 17345 — Any member aggrieved by any action or decision of Fidelity Corporation may appeal to the commissioner within 30 days from the action or decision, except that all matters relating to claims for loss of
• § 17345.1 — (a) A member or successor in interest aggrieved by any action or decision of Fidelity Corporation may file a written request for a hearing with the commissioner within 30 days from the action or decis
• § 17346 — (a) Fidelity Corporation and its members shall not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or bro
• § 17347 — (a) The Secretary of State shall not file articles for the incorporation of Fidelity Corporation or an amendment to the articles unless the commissioner has issued a written approval of the articles o
• § 17348 — In order to permit Fidelity Corporation to fulfill its obligation under this chapter, the commissioner shall furnish a list of all persons licensed under this division as of December 31 of each year a
• § 17349 — If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets after settling all liabilities shall be distributed to the members on the basis of the number of each
• § 17350 — All costs and expenses incurred by the commissioner in the administration of this chapter shall be paid to the commissioner by Fidelity Corporation.
• § 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, and define any terms, whether or not used
• § 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 in and accumulated surplus.
• § 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 letterheads, billheads, blank notes, blank re
• § 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 Section 17003.
• § 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 filled in after signing or initialing of t
• § 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 same.
• § 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 person subject to this division or by a pe
• § 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.
• § 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 whether the escrow functions performed b
• § 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 to inspection and examination by the commi
• § 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 examined, and the commissioner may maint
• § 17406 — (a) Each licensee shall submit to the commissioner, at the licensee’s own expense, an audit report containing audited financial statements covering the calendar year or, if the licensee has an establi
• § 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 accountant other than the accountant rep
• § 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, records, papers, and affairs of said perso
• § 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 noninterest-bearing demand or checking account in a
• § 17409.1 — (a) Each person subject to this chapter shall maintain separate escrow trust accounts for each licensed location.
• § 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, and in no instance shall such escrow or tru
• § 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 funds” or “escrow accounts” or any other
• § 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 federal or state law, or requirement of a go
• § 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 of the following: (1) Knowingly or reckles
• § 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 in any civil action by final judgment or
• § 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 institution, or any other exempt person specified
• § 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 an insolvent condition, is conducting or
• § 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 receiving escrows for deposit or deliver
• § 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 employment which includes, at least, the followi
• § 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 other person any commission, fee, or other
• § 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 of an escrow if the written instructions o
• § 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 closing date agreed upon by the parties
• § 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, materials, services, permits, fees, or other ite
• § 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 any position of employment, management, o
• § 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 notify the Real Estate Commissioner and
• § 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 action substantially related to the activity
• § 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 Real Estate Settlement Procedures Act, a
• § 175 — “Foreign nation” means any nation other than the United States, including, without limitation, any subdivision, territory, trust territory, dependency, colony, or possession of any nation other than t
• § 1750 — In this chapter, unless the context otherwise requires: (a) “Agency” means a depositary agency or a nondepositary agency.
• § 1751 — Nothing in this chapter, except Section 1760, applies to a federal agency or branch in this state.
• § 1752 — (a) In this section, “subject bank” means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virg
• § 1753 — For purposes of this chapter, offices of foreign (other nation) banks are divided into classes and ranked in ascending order, as follows: (a) Representative office.
• § 1754 — (a) For purposes of this chapter: (1) Changing a lower class office into a higher class office shall be treated as establishing the higher class office, but not as closing the lower class office.
• § 1755 — Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with the commissioner an application by a foreign (other nation) bank that is not licensed to transact bus
• § 1756 — Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in such form, shall contain such information, shall be signed in suc
• § 1757 — (a) In this section, “act” includes (without limitation) omission.
• § 1758 — (a) Each foreign (other nation) bank that is licensed to maintain an office shall file with the commissioner reports as and when the commissioner may, by regulation or order, require.