State Codes and Statutes

Statutes > California > Fin > 17621-17629

FINANCIAL CODE
SECTION 17621-17629



17621.  Whenever it appears to the commissioner that any escrow
agent subject to this division:
    (a) Is in an insolvent condition;
    (b) Is conducting escrow business in an unsafe or unauthorized
manner;
    (c) Has violated its charter or any law of the State of
California;
    (d) Refuses to submit its books, papers and affairs to the
inspection of any examiner;
    (e) Neglects or refuses to observe any order of the commissioner
made pursuant to the provisions of this division, within the time
specified therein, unless the enforcement of such order is restrained
in a proceeding brought by the escrow agent;
    (f) Any officer, director, or trustee of such escrow agent
refuses to be examined upon oath touching the business of such escrow
agent;
    (g) Any officer, director, stockholder, or trustee of such escrow
agent, or attorney in fact of such escrow agent has embezzled,
sequestered, or willfully diverted the assets or trust funds of such
escrow agent;
    (h) Has permitted its tangible net worth to be lower than the
minimum required by law;
    (i) Has failed to comply with the bonding requirements of Chapter
2 of this division
   the commissioner shall dispatch a written notice and summary of
findings, as referred to in Section 17415, to the principal officer
of the escrow agent involved or to its manager of record; and such
escrow agent shall be afforded a reasonable opportunity to comply or
otherwise effect such remedies as the commissioner may deem
acceptable. However, should the escrow agent so notified fail to
comply within five days of receipt of the notice, or as soon as it
appears to the commissioner that no compliance is possible, or in the
event prompt delivery of the prescribed written notice is
impossible, the commissioner may forthwith take possession of the
property and business of such escrow agent and retain possession
until such escrow agent resumes business or its affairs be finally
liquidated as provided in this chapter. The escrow agent, with the
consent of the commissioner, may resume business upon such conditions
as the commissioner may prescribe.



17622.  Whenever the commissioner has taken possession of any
licensee, such licensee, within 10 days after such taking, if it
deems it is aggrieved thereby, may apply to the superior court in the
county in which the head office of the licensee is located to enjoin
further proceedings. The court, after citing the commissioner to
show cause why further proceedings should not be enjoined and after a
hearing and a determination of the facts upon the merits may dismiss
such application or enjoin the commissioner from further proceeding
and direct him to surrender the property and business to the
licensee, or make such further order as may be just.




17623.  An appeal from a judgment enjoining the commissioner from
further proceedings and directing the commissioner to surrender the
business, property, and assets to the licensee does not operate as a
stay of the judgment, unless the trial court in its discretion so
orders. If the judgment dismisses the action an appeal therefrom does
not operate as a stay of the judgment but the court rendering the
judgment may, in its discretion enjoin the commissioner pending the
appeal, from further proceedings and direct the commissioner, pending
the appeal, to surrender the business, property, and assets to the
licensee, if an undertaking is given as required by Chapter 2
(commencing with Section 916) of Title 13 of Part 2 of the Code of
Civil Procedure.



17625.  If the commissioner's demand for the possession of the
property, business and assets is not complied with within 24 hours
after service of the demand, the commissioner may call to his
assistance the sheriff of the county in which the principal place of
business of such licensee is located, by giving the sheriff written
demand the sheriff shall enforce the demands of the commissioner.



17626.  When the commissioner takes possession of the property,
business and assets of any licensee, such licensee or the president
and secretary of such licensee shall make and deliver to the
commissioner verified schedules of its property, assets, and funds
held in escrow. The commissioner may at any time examine under oath
any licensee, or any officer, director, trustee, agent, or employee
of such licensee, to determine whether or not all such property,
assets, and funds held in escrow have been transferred and delivered
to his possession.


17627.  The commissioner may issue subpoenas and require the
attendance of parties for examination under this article as provided
for in this chapter.


17628.  When the commissioner takes possession of the business,
property, and assets of a licensee, he may appoint a custodian. The
commissioner may require a good and sufficient bond from the
custodian and place him in charge as his representative.




17629.  When the commissioner takes possession of the property,
business, and assets of a licensee, he may collect all money due to
such licensee and give receipt therefor. The commissioner may do such
other acts as are necessary or expedient to collect, conserve, or
protect the licensee's business, property, and assets.



State Codes and Statutes

Statutes > California > Fin > 17621-17629

FINANCIAL CODE
SECTION 17621-17629



17621.  Whenever it appears to the commissioner that any escrow
agent subject to this division:
    (a) Is in an insolvent condition;
    (b) Is conducting escrow business in an unsafe or unauthorized
manner;
    (c) Has violated its charter or any law of the State of
California;
    (d) Refuses to submit its books, papers and affairs to the
inspection of any examiner;
    (e) Neglects or refuses to observe any order of the commissioner
made pursuant to the provisions of this division, within the time
specified therein, unless the enforcement of such order is restrained
in a proceeding brought by the escrow agent;
    (f) Any officer, director, or trustee of such escrow agent
refuses to be examined upon oath touching the business of such escrow
agent;
    (g) Any officer, director, stockholder, or trustee of such escrow
agent, or attorney in fact of such escrow agent has embezzled,
sequestered, or willfully diverted the assets or trust funds of such
escrow agent;
    (h) Has permitted its tangible net worth to be lower than the
minimum required by law;
    (i) Has failed to comply with the bonding requirements of Chapter
2 of this division
   the commissioner shall dispatch a written notice and summary of
findings, as referred to in Section 17415, to the principal officer
of the escrow agent involved or to its manager of record; and such
escrow agent shall be afforded a reasonable opportunity to comply or
otherwise effect such remedies as the commissioner may deem
acceptable. However, should the escrow agent so notified fail to
comply within five days of receipt of the notice, or as soon as it
appears to the commissioner that no compliance is possible, or in the
event prompt delivery of the prescribed written notice is
impossible, the commissioner may forthwith take possession of the
property and business of such escrow agent and retain possession
until such escrow agent resumes business or its affairs be finally
liquidated as provided in this chapter. The escrow agent, with the
consent of the commissioner, may resume business upon such conditions
as the commissioner may prescribe.



17622.  Whenever the commissioner has taken possession of any
licensee, such licensee, within 10 days after such taking, if it
deems it is aggrieved thereby, may apply to the superior court in the
county in which the head office of the licensee is located to enjoin
further proceedings. The court, after citing the commissioner to
show cause why further proceedings should not be enjoined and after a
hearing and a determination of the facts upon the merits may dismiss
such application or enjoin the commissioner from further proceeding
and direct him to surrender the property and business to the
licensee, or make such further order as may be just.




17623.  An appeal from a judgment enjoining the commissioner from
further proceedings and directing the commissioner to surrender the
business, property, and assets to the licensee does not operate as a
stay of the judgment, unless the trial court in its discretion so
orders. If the judgment dismisses the action an appeal therefrom does
not operate as a stay of the judgment but the court rendering the
judgment may, in its discretion enjoin the commissioner pending the
appeal, from further proceedings and direct the commissioner, pending
the appeal, to surrender the business, property, and assets to the
licensee, if an undertaking is given as required by Chapter 2
(commencing with Section 916) of Title 13 of Part 2 of the Code of
Civil Procedure.



17625.  If the commissioner's demand for the possession of the
property, business and assets is not complied with within 24 hours
after service of the demand, the commissioner may call to his
assistance the sheriff of the county in which the principal place of
business of such licensee is located, by giving the sheriff written
demand the sheriff shall enforce the demands of the commissioner.



17626.  When the commissioner takes possession of the property,
business and assets of any licensee, such licensee or the president
and secretary of such licensee shall make and deliver to the
commissioner verified schedules of its property, assets, and funds
held in escrow. The commissioner may at any time examine under oath
any licensee, or any officer, director, trustee, agent, or employee
of such licensee, to determine whether or not all such property,
assets, and funds held in escrow have been transferred and delivered
to his possession.


17627.  The commissioner may issue subpoenas and require the
attendance of parties for examination under this article as provided
for in this chapter.


17628.  When the commissioner takes possession of the business,
property, and assets of a licensee, he may appoint a custodian. The
commissioner may require a good and sufficient bond from the
custodian and place him in charge as his representative.




17629.  When the commissioner takes possession of the property,
business, and assets of a licensee, he may collect all money due to
such licensee and give receipt therefor. The commissioner may do such
other acts as are necessary or expedient to collect, conserve, or
protect the licensee's business, property, and assets.




State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 17621-17629

FINANCIAL CODE
SECTION 17621-17629



17621.  Whenever it appears to the commissioner that any escrow
agent subject to this division:
    (a) Is in an insolvent condition;
    (b) Is conducting escrow business in an unsafe or unauthorized
manner;
    (c) Has violated its charter or any law of the State of
California;
    (d) Refuses to submit its books, papers and affairs to the
inspection of any examiner;
    (e) Neglects or refuses to observe any order of the commissioner
made pursuant to the provisions of this division, within the time
specified therein, unless the enforcement of such order is restrained
in a proceeding brought by the escrow agent;
    (f) Any officer, director, or trustee of such escrow agent
refuses to be examined upon oath touching the business of such escrow
agent;
    (g) Any officer, director, stockholder, or trustee of such escrow
agent, or attorney in fact of such escrow agent has embezzled,
sequestered, or willfully diverted the assets or trust funds of such
escrow agent;
    (h) Has permitted its tangible net worth to be lower than the
minimum required by law;
    (i) Has failed to comply with the bonding requirements of Chapter
2 of this division
   the commissioner shall dispatch a written notice and summary of
findings, as referred to in Section 17415, to the principal officer
of the escrow agent involved or to its manager of record; and such
escrow agent shall be afforded a reasonable opportunity to comply or
otherwise effect such remedies as the commissioner may deem
acceptable. However, should the escrow agent so notified fail to
comply within five days of receipt of the notice, or as soon as it
appears to the commissioner that no compliance is possible, or in the
event prompt delivery of the prescribed written notice is
impossible, the commissioner may forthwith take possession of the
property and business of such escrow agent and retain possession
until such escrow agent resumes business or its affairs be finally
liquidated as provided in this chapter. The escrow agent, with the
consent of the commissioner, may resume business upon such conditions
as the commissioner may prescribe.



17622.  Whenever the commissioner has taken possession of any
licensee, such licensee, within 10 days after such taking, if it
deems it is aggrieved thereby, may apply to the superior court in the
county in which the head office of the licensee is located to enjoin
further proceedings. The court, after citing the commissioner to
show cause why further proceedings should not be enjoined and after a
hearing and a determination of the facts upon the merits may dismiss
such application or enjoin the commissioner from further proceeding
and direct him to surrender the property and business to the
licensee, or make such further order as may be just.




17623.  An appeal from a judgment enjoining the commissioner from
further proceedings and directing the commissioner to surrender the
business, property, and assets to the licensee does not operate as a
stay of the judgment, unless the trial court in its discretion so
orders. If the judgment dismisses the action an appeal therefrom does
not operate as a stay of the judgment but the court rendering the
judgment may, in its discretion enjoin the commissioner pending the
appeal, from further proceedings and direct the commissioner, pending
the appeal, to surrender the business, property, and assets to the
licensee, if an undertaking is given as required by Chapter 2
(commencing with Section 916) of Title 13 of Part 2 of the Code of
Civil Procedure.



17625.  If the commissioner's demand for the possession of the
property, business and assets is not complied with within 24 hours
after service of the demand, the commissioner may call to his
assistance the sheriff of the county in which the principal place of
business of such licensee is located, by giving the sheriff written
demand the sheriff shall enforce the demands of the commissioner.



17626.  When the commissioner takes possession of the property,
business and assets of any licensee, such licensee or the president
and secretary of such licensee shall make and deliver to the
commissioner verified schedules of its property, assets, and funds
held in escrow. The commissioner may at any time examine under oath
any licensee, or any officer, director, trustee, agent, or employee
of such licensee, to determine whether or not all such property,
assets, and funds held in escrow have been transferred and delivered
to his possession.


17627.  The commissioner may issue subpoenas and require the
attendance of parties for examination under this article as provided
for in this chapter.


17628.  When the commissioner takes possession of the business,
property, and assets of a licensee, he may appoint a custodian. The
commissioner may require a good and sufficient bond from the
custodian and place him in charge as his representative.




17629.  When the commissioner takes possession of the property,
business, and assets of a licensee, he may collect all money due to
such licensee and give receipt therefor. The commissioner may do such
other acts as are necessary or expedient to collect, conserve, or
protect the licensee's business, property, and assets.



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