§449-24  Termination of escrow depository
operations.  (a)  A solvent escrow depository whose capital is not
impaired and that has not received a notice of charges and proposed suspension
or revocation order pursuant to section 449-17 may cease its business and
surrender its license in the following manner:



(1)  The board of directors shall adopt a resolution
approving a plan to cease activity for which a license to operate as an escrow
depository is required.  If applicable, the plan shall include provisions for
the sale, exchange, or disposition of all outstanding escrow accounts or other
business for which an escrow depository license is required by this chapter;



(2)  The escrow depository shall:



(A)  Notify in writing all buyers and sellers
whose accounts still contain outstanding balances of the termination of the
escrow depository's operations and the specific arrangements to handle the
particular transaction; and



(B)  Submit to the commissioner, in writing, the
name, address, and telephone number of a contact person who shall be
responsible for answering questions and providing documents on closed
accounts.  This individual or the successor thereof shall continue to perform
this task, and shall notify the commissioner of any changes in the information
concerning the contact person, until the applicable statutes of limitations
have lapsed;



(3)  The escrow depository shall file an application
with the commissioner in the prescribed form for approval to cease activity for
which a license to operate as an escrow depository is required.  The
application shall be accompanied by:



(A)  A copy of the plan to cease activity for
which a license to operate as an escrow depository is required, certified by
two executive officers of the escrow depository as having been duly adopted by
the board;



(B)  Any application that may be required pursuant
to section 449-8.6, if applicable;



(C)  A copy of the notice sent by the escrow
depository to all buyers and sellers whose accounts still contain outstanding
balances; and



(D)  Any other information that the commissioner
may require;



(4)  The commissioner may require that an audit
report, prepared by a certified public accountant at the expense of the escrow
depository, be submitted showing the final accounting of the company's
operations, should circumstances so warrant;



(5)  The commissioner shall approve the application to
cease activity for which a license to operate as an escrow depository is
required if:



(A)  The commissioner is satisfied with the plan;



(B)  The conditions for approval contained in
section 449-8.6 have been met, if applicable; and



(C)  No other reason exists to deny the
application; provided that the commissioner may impose any restrictions and
conditions that the commissioner deems appropriate; and



(6)  Upon receipt of the commissioner's approval, an
escrow depository that has filed:



(A)  A plan attesting that the company does not
retain any outstanding escrow accounts or other business for which an escrow
depository license is required by this chapter, shall forthwith surrender to
the commissioner all of its escrow depository licenses; or



(B)  A plan that includes provisions for the sale,
exchange, or disposition of outstanding escrow accounts or other business, upon
receipt of the commissioner's approval, shall proceed with its plan to cease
activity for which a license to operate as an escrow depository is required. 
Upon completion of its plan, the escrow depository shall file a written
notification with the commissioner, signed by its president and secretary,
certifying that there are no outstanding escrow liabilities.  Filing of the
written notification shall be accompanied by the surrender of all escrow
depository licenses.



(b)  Nothing in this section shall preclude the
commissioner at any time from seeking any relief or sanction from the courts
that may otherwise be permitted by law. [L 2001, c 184, pt of §1; am L 2002, c
21, §1]