State Codes and Statutes

Statutes > California > Fin > 17600-17609.2

FINANCIAL CODE
SECTION 17600-17609.2



17600.  (a) An escrow agent's license remains in effect until
surrendered, revoked, or suspended.
   (b) A licensee that ceases to engage in the business regulated by
this division and desires to no longer be licensed shall notify the
commissioner in writing and, at that time, tender the license and all
other indicia of licensure to the commissioner. Within 105 days of
the written notice to the commissioner, the licensee shall submit to
the commissioner, at its own expense, a closing audit report as of
the date the license is tendered to the commissioner for surrender,
or for another period as the commissioner may specify, to be
performed by an independent certified public accountant. The closing
audit shall include, but not be limited to, information required by
the commissioner, a bank reconciliation of the trust account, and a
verified statement from a certified public accountant confirming
lawful disbursement of funds. A license is not surrendered until the
commissioner has reviewed and accepted the closing audit report, a
determination has been made by the commissioner that acceptance of
the surrender is in the public interest, and tender of the license is
accepted in writing by the commissioner.



17601.  If the commissioner has reason to believe that any escrow
agent is violating the provisions of this division, the commissioner
may investigate the escrow agent's business and examine the books,
accounts, records, and files used in the business of every escrow
agent and of every person who acts or claims to act as principal or
agent under or without the authority of this division. For the
purposes of examination the commissioner and representatives of the
commissioner shall have free access to the offices and places of
business, books, accounts, records, papers, files, safes, and vaults
of all persons examined. The cost of any investigation, inspection,
and examination of a licensee under this section shall be paid to the
commissioner as provided in Section 17405.1.



17602.  If it appears to the commissioner that any licensed escrow
agent has violated its articles of incorporation, or any law or rule
binding upon it, the commissioner shall, by written order addressed
to the agent direct the discontinuance of such violation. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17602.5.  If any licensed escrow agent fails to make any reports
required by law or by the commissioner within ten (10) days from the
day designated for the making of the reports, or within any extension
of time granted by the commissioner, or fails to include therein any
matter required by law or by the commissioner, such failure shall
constitute grounds for the suspension or revocation of the license
held by such escrow agent.



17603.  If it appears to the commissioner that any licensed escrow
agent is conducting business in an unsafe or injurious manner, the
commissioner shall, by written order addressed to the agent direct
the discontinuance of such unsafe or injurious practices. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17604.  No order issued pursuant to Sections 17602 or 17603 may
become final except after notice to any licensed escrow agent
affected thereby of the intention of the commissioner to make such
order final and of the reasons therefor and that upon receipt of a
request the matter will be set down for hearing to commence within 15
business days after such receipt unless the licensed agent affected
consents to a later date. If no hearing is requested within 30 days
after the mailing of such notice and none is ordered by the
commissioner, the order may become final without hearing and the
licensed escrow agent shall immediately discontinue the practices
named in the order. If a hearing is requested or ordered, it shall be
held in accordance with the provisions of the Administrative
Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of
Division 3 of Title 2 of the Government Code, and the commissioner
shall have all of the powers granted thereunder. If upon the hearing,
it appears to the commissioner that the licensed agent is conducting
business in an unsafe and injurious manner or is violating its
articles of incorporation or any law of this state, or any rule
binding upon it, the commissioner shall make the order of
discontinuance final and the licensed escrow agent shall immediately
discontinue the practices named in the order.




17605.  The licensed escrow agent has ten (10) days after an order
is made final in which to commence action to restrain enforcement of
such order, and unless such action is commenced, and the enforcement
of such order is enjoined within ten (10) days by the court in which
the suit is brought, the licensed escrow agent shall comply with the
order.



17606.  The commissioner may immediately revoke by order the escrow
agent's license if the licensee fails to comply with any order,
unless the escrow agent secures a court order restraining the
enforcement of the commissioner's revocation order.




17606.1.  The license of an escrow agent shall be deemed revoked
upon the completion or closure of a court approved liquidation of the
business of the escrow agent, whether pursuant to Section 17635 or
17636, or otherwise, unless the escrow agent within 10 days of the
court's order approving the closing or completion of liquidation
secures a court order restraining the revocation from taking effect.




17607.  (a) Whenever it appears to the commissioner that any person
has engaged or is about to engage in any act or practice constituting
a violation of any provision of this division or any rule or order
hereunder, the commissioner may in the commissioner's discretion
bring an action in the name of the people of the State of California
in the superior court to enjoin the acts or practices or to enforce
compliance with this law or any rule or order hereunder. Upon a
proper showing a permanent or preliminary injunction, restraining
order, or writ of mandate shall be granted and a receiver, monitor,
conservator, or other designated fiduciary or officer of the court,
which may include the commissioner, may be appointed for the
defendant or the defendant's assets, or any other ancillary relief
may be granted as appropriate.
   A receiver, monitor, conservator, or other designated fiduciary or
officer of the court appointed by the superior court pursuant to
this section may, with the approval of the court, exercise any or all
of the powers of the defendant's officers, directors, partners,
trustees, or persons who exercise similar powers and perform similar
duties, including the filing of a petition for bankruptcy. No action
at law or in equity may be maintained by any party against the
commissioner, or a receiver, monitor, conservator, or other
designated fiduciary or officer of the court, by reason of their
exercising these powers or performing these duties pursuant to the
order of, or with the approval of, the superior court.
   (b) If the commissioner determines it is in the public interest,
the commissioner may include in any action authorized by subdivision
(a) a claim for ancillary relief, including, but not limited to, a
claim for restitution or disgorgement or damages on behalf of the
persons injured by the act or practice constituting the subject
matter of the action, and the court shall have jurisdiction to award
additional relief.


17608.  The commissioner may, after notice and a reasonable
opportunity to be heard, suspend or revoke any license if he finds
that:
   (a) The licensee has failed to maintain in effect a bond required
under the provisions of this division.
   (b) The licensee has violated any provision of this division or
any rule made by the commissioner under and within the authority of
this division.
   (c) Any fact or condition exists which, if it had existed at the
time of the original application for such license, reasonably would
have warranted the commissioner in refusing originally to issue such
license.


17609.  The revocation, suspension, surrender or expiration of an
escrow agent's license does not impair or affect pre-existing escrows
lawfully contracted, but nothing contained in this division shall be
deemed to authorize the acceptance of further funds or documents
into escrow subsequent to such revocation, surrender or expiration or
during any period of suspension.



17609.1.  The power of investigation and examination by the
commissioner is not terminated by the surrender, suspension, or
revocation of any license issued by him.



17609.2.  Whenever the commissioner deems it necessary for the
general welfare of the public, the commissioner has continuous
authority to exercise the powers set forth in this division whether
or not an application for a license has been filed with the
commissioner, any license has been issued, or if issued, has been
surrendered, suspended, or revoked.


State Codes and Statutes

Statutes > California > Fin > 17600-17609.2

FINANCIAL CODE
SECTION 17600-17609.2



17600.  (a) An escrow agent's license remains in effect until
surrendered, revoked, or suspended.
   (b) A licensee that ceases to engage in the business regulated by
this division and desires to no longer be licensed shall notify the
commissioner in writing and, at that time, tender the license and all
other indicia of licensure to the commissioner. Within 105 days of
the written notice to the commissioner, the licensee shall submit to
the commissioner, at its own expense, a closing audit report as of
the date the license is tendered to the commissioner for surrender,
or for another period as the commissioner may specify, to be
performed by an independent certified public accountant. The closing
audit shall include, but not be limited to, information required by
the commissioner, a bank reconciliation of the trust account, and a
verified statement from a certified public accountant confirming
lawful disbursement of funds. A license is not surrendered until the
commissioner has reviewed and accepted the closing audit report, a
determination has been made by the commissioner that acceptance of
the surrender is in the public interest, and tender of the license is
accepted in writing by the commissioner.



17601.  If the commissioner has reason to believe that any escrow
agent is violating the provisions of this division, the commissioner
may investigate the escrow agent's business and examine the books,
accounts, records, and files used in the business of every escrow
agent and of every person who acts or claims to act as principal or
agent under or without the authority of this division. For the
purposes of examination the commissioner and representatives of the
commissioner shall have free access to the offices and places of
business, books, accounts, records, papers, files, safes, and vaults
of all persons examined. The cost of any investigation, inspection,
and examination of a licensee under this section shall be paid to the
commissioner as provided in Section 17405.1.



17602.  If it appears to the commissioner that any licensed escrow
agent has violated its articles of incorporation, or any law or rule
binding upon it, the commissioner shall, by written order addressed
to the agent direct the discontinuance of such violation. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17602.5.  If any licensed escrow agent fails to make any reports
required by law or by the commissioner within ten (10) days from the
day designated for the making of the reports, or within any extension
of time granted by the commissioner, or fails to include therein any
matter required by law or by the commissioner, such failure shall
constitute grounds for the suspension or revocation of the license
held by such escrow agent.



17603.  If it appears to the commissioner that any licensed escrow
agent is conducting business in an unsafe or injurious manner, the
commissioner shall, by written order addressed to the agent direct
the discontinuance of such unsafe or injurious practices. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17604.  No order issued pursuant to Sections 17602 or 17603 may
become final except after notice to any licensed escrow agent
affected thereby of the intention of the commissioner to make such
order final and of the reasons therefor and that upon receipt of a
request the matter will be set down for hearing to commence within 15
business days after such receipt unless the licensed agent affected
consents to a later date. If no hearing is requested within 30 days
after the mailing of such notice and none is ordered by the
commissioner, the order may become final without hearing and the
licensed escrow agent shall immediately discontinue the practices
named in the order. If a hearing is requested or ordered, it shall be
held in accordance with the provisions of the Administrative
Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of
Division 3 of Title 2 of the Government Code, and the commissioner
shall have all of the powers granted thereunder. If upon the hearing,
it appears to the commissioner that the licensed agent is conducting
business in an unsafe and injurious manner or is violating its
articles of incorporation or any law of this state, or any rule
binding upon it, the commissioner shall make the order of
discontinuance final and the licensed escrow agent shall immediately
discontinue the practices named in the order.




17605.  The licensed escrow agent has ten (10) days after an order
is made final in which to commence action to restrain enforcement of
such order, and unless such action is commenced, and the enforcement
of such order is enjoined within ten (10) days by the court in which
the suit is brought, the licensed escrow agent shall comply with the
order.



17606.  The commissioner may immediately revoke by order the escrow
agent's license if the licensee fails to comply with any order,
unless the escrow agent secures a court order restraining the
enforcement of the commissioner's revocation order.




17606.1.  The license of an escrow agent shall be deemed revoked
upon the completion or closure of a court approved liquidation of the
business of the escrow agent, whether pursuant to Section 17635 or
17636, or otherwise, unless the escrow agent within 10 days of the
court's order approving the closing or completion of liquidation
secures a court order restraining the revocation from taking effect.




17607.  (a) Whenever it appears to the commissioner that any person
has engaged or is about to engage in any act or practice constituting
a violation of any provision of this division or any rule or order
hereunder, the commissioner may in the commissioner's discretion
bring an action in the name of the people of the State of California
in the superior court to enjoin the acts or practices or to enforce
compliance with this law or any rule or order hereunder. Upon a
proper showing a permanent or preliminary injunction, restraining
order, or writ of mandate shall be granted and a receiver, monitor,
conservator, or other designated fiduciary or officer of the court,
which may include the commissioner, may be appointed for the
defendant or the defendant's assets, or any other ancillary relief
may be granted as appropriate.
   A receiver, monitor, conservator, or other designated fiduciary or
officer of the court appointed by the superior court pursuant to
this section may, with the approval of the court, exercise any or all
of the powers of the defendant's officers, directors, partners,
trustees, or persons who exercise similar powers and perform similar
duties, including the filing of a petition for bankruptcy. No action
at law or in equity may be maintained by any party against the
commissioner, or a receiver, monitor, conservator, or other
designated fiduciary or officer of the court, by reason of their
exercising these powers or performing these duties pursuant to the
order of, or with the approval of, the superior court.
   (b) If the commissioner determines it is in the public interest,
the commissioner may include in any action authorized by subdivision
(a) a claim for ancillary relief, including, but not limited to, a
claim for restitution or disgorgement or damages on behalf of the
persons injured by the act or practice constituting the subject
matter of the action, and the court shall have jurisdiction to award
additional relief.


17608.  The commissioner may, after notice and a reasonable
opportunity to be heard, suspend or revoke any license if he finds
that:
   (a) The licensee has failed to maintain in effect a bond required
under the provisions of this division.
   (b) The licensee has violated any provision of this division or
any rule made by the commissioner under and within the authority of
this division.
   (c) Any fact or condition exists which, if it had existed at the
time of the original application for such license, reasonably would
have warranted the commissioner in refusing originally to issue such
license.


17609.  The revocation, suspension, surrender or expiration of an
escrow agent's license does not impair or affect pre-existing escrows
lawfully contracted, but nothing contained in this division shall be
deemed to authorize the acceptance of further funds or documents
into escrow subsequent to such revocation, surrender or expiration or
during any period of suspension.



17609.1.  The power of investigation and examination by the
commissioner is not terminated by the surrender, suspension, or
revocation of any license issued by him.



17609.2.  Whenever the commissioner deems it necessary for the
general welfare of the public, the commissioner has continuous
authority to exercise the powers set forth in this division whether
or not an application for a license has been filed with the
commissioner, any license has been issued, or if issued, has been
surrendered, suspended, or revoked.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 17600-17609.2

FINANCIAL CODE
SECTION 17600-17609.2



17600.  (a) An escrow agent's license remains in effect until
surrendered, revoked, or suspended.
   (b) A licensee that ceases to engage in the business regulated by
this division and desires to no longer be licensed shall notify the
commissioner in writing and, at that time, tender the license and all
other indicia of licensure to the commissioner. Within 105 days of
the written notice to the commissioner, the licensee shall submit to
the commissioner, at its own expense, a closing audit report as of
the date the license is tendered to the commissioner for surrender,
or for another period as the commissioner may specify, to be
performed by an independent certified public accountant. The closing
audit shall include, but not be limited to, information required by
the commissioner, a bank reconciliation of the trust account, and a
verified statement from a certified public accountant confirming
lawful disbursement of funds. A license is not surrendered until the
commissioner has reviewed and accepted the closing audit report, a
determination has been made by the commissioner that acceptance of
the surrender is in the public interest, and tender of the license is
accepted in writing by the commissioner.



17601.  If the commissioner has reason to believe that any escrow
agent is violating the provisions of this division, the commissioner
may investigate the escrow agent's business and examine the books,
accounts, records, and files used in the business of every escrow
agent and of every person who acts or claims to act as principal or
agent under or without the authority of this division. For the
purposes of examination the commissioner and representatives of the
commissioner shall have free access to the offices and places of
business, books, accounts, records, papers, files, safes, and vaults
of all persons examined. The cost of any investigation, inspection,
and examination of a licensee under this section shall be paid to the
commissioner as provided in Section 17405.1.



17602.  If it appears to the commissioner that any licensed escrow
agent has violated its articles of incorporation, or any law or rule
binding upon it, the commissioner shall, by written order addressed
to the agent direct the discontinuance of such violation. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17602.5.  If any licensed escrow agent fails to make any reports
required by law or by the commissioner within ten (10) days from the
day designated for the making of the reports, or within any extension
of time granted by the commissioner, or fails to include therein any
matter required by law or by the commissioner, such failure shall
constitute grounds for the suspension or revocation of the license
held by such escrow agent.



17603.  If it appears to the commissioner that any licensed escrow
agent is conducting business in an unsafe or injurious manner, the
commissioner shall, by written order addressed to the agent direct
the discontinuance of such unsafe or injurious practices. The order
shall be effective immediately, but shall not become final except in
accordance with the provisions of Section 17604.



17604.  No order issued pursuant to Sections 17602 or 17603 may
become final except after notice to any licensed escrow agent
affected thereby of the intention of the commissioner to make such
order final and of the reasons therefor and that upon receipt of a
request the matter will be set down for hearing to commence within 15
business days after such receipt unless the licensed agent affected
consents to a later date. If no hearing is requested within 30 days
after the mailing of such notice and none is ordered by the
commissioner, the order may become final without hearing and the
licensed escrow agent shall immediately discontinue the practices
named in the order. If a hearing is requested or ordered, it shall be
held in accordance with the provisions of the Administrative
Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of
Division 3 of Title 2 of the Government Code, and the commissioner
shall have all of the powers granted thereunder. If upon the hearing,
it appears to the commissioner that the licensed agent is conducting
business in an unsafe and injurious manner or is violating its
articles of incorporation or any law of this state, or any rule
binding upon it, the commissioner shall make the order of
discontinuance final and the licensed escrow agent shall immediately
discontinue the practices named in the order.




17605.  The licensed escrow agent has ten (10) days after an order
is made final in which to commence action to restrain enforcement of
such order, and unless such action is commenced, and the enforcement
of such order is enjoined within ten (10) days by the court in which
the suit is brought, the licensed escrow agent shall comply with the
order.



17606.  The commissioner may immediately revoke by order the escrow
agent's license if the licensee fails to comply with any order,
unless the escrow agent secures a court order restraining the
enforcement of the commissioner's revocation order.




17606.1.  The license of an escrow agent shall be deemed revoked
upon the completion or closure of a court approved liquidation of the
business of the escrow agent, whether pursuant to Section 17635 or
17636, or otherwise, unless the escrow agent within 10 days of the
court's order approving the closing or completion of liquidation
secures a court order restraining the revocation from taking effect.




17607.  (a) Whenever it appears to the commissioner that any person
has engaged or is about to engage in any act or practice constituting
a violation of any provision of this division or any rule or order
hereunder, the commissioner may in the commissioner's discretion
bring an action in the name of the people of the State of California
in the superior court to enjoin the acts or practices or to enforce
compliance with this law or any rule or order hereunder. Upon a
proper showing a permanent or preliminary injunction, restraining
order, or writ of mandate shall be granted and a receiver, monitor,
conservator, or other designated fiduciary or officer of the court,
which may include the commissioner, may be appointed for the
defendant or the defendant's assets, or any other ancillary relief
may be granted as appropriate.
   A receiver, monitor, conservator, or other designated fiduciary or
officer of the court appointed by the superior court pursuant to
this section may, with the approval of the court, exercise any or all
of the powers of the defendant's officers, directors, partners,
trustees, or persons who exercise similar powers and perform similar
duties, including the filing of a petition for bankruptcy. No action
at law or in equity may be maintained by any party against the
commissioner, or a receiver, monitor, conservator, or other
designated fiduciary or officer of the court, by reason of their
exercising these powers or performing these duties pursuant to the
order of, or with the approval of, the superior court.
   (b) If the commissioner determines it is in the public interest,
the commissioner may include in any action authorized by subdivision
(a) a claim for ancillary relief, including, but not limited to, a
claim for restitution or disgorgement or damages on behalf of the
persons injured by the act or practice constituting the subject
matter of the action, and the court shall have jurisdiction to award
additional relief.


17608.  The commissioner may, after notice and a reasonable
opportunity to be heard, suspend or revoke any license if he finds
that:
   (a) The licensee has failed to maintain in effect a bond required
under the provisions of this division.
   (b) The licensee has violated any provision of this division or
any rule made by the commissioner under and within the authority of
this division.
   (c) Any fact or condition exists which, if it had existed at the
time of the original application for such license, reasonably would
have warranted the commissioner in refusing originally to issue such
license.


17609.  The revocation, suspension, surrender or expiration of an
escrow agent's license does not impair or affect pre-existing escrows
lawfully contracted, but nothing contained in this division shall be
deemed to authorize the acceptance of further funds or documents
into escrow subsequent to such revocation, surrender or expiration or
during any period of suspension.



17609.1.  The power of investigation and examination by the
commissioner is not terminated by the surrender, suspension, or
revocation of any license issued by him.



17609.2.  Whenever the commissioner deems it necessary for the
general welfare of the public, the commissioner has continuous
authority to exercise the powers set forth in this division whether
or not an application for a license has been filed with the
commissioner, any license has been issued, or if issued, has been
surrendered, suspended, or revoked.


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