§449-7.5  Licensing requirements.  (a) 
Every corporation desiring to be licensed as an escrow depository shall be
incorporated in this State and have and maintain a principal place of business
in the State for the transaction of its escrow depository business.



(b)  A license issued under this chapter shall
be prominently displayed in the place or places of business of the escrow
depository.



(c)  The escrow depository business shall be
under the direct management of an officer, or an employee, designated by its
board of directors as escrow officer for the corporation and if the designated
escrow officer terminates the escrow officer's employment with the escrow
depository, the licensee shall notify the commissioner in writing at least
fifteen days before the termination date of the designated escrow officer.  The
licensee shall also inform the commissioner in writing of the new escrow
officer for the corporation designated by its board of directors before the
present escrow officer terminates the present escrow officer's employment with
the company, setting forth the experience, integrity, and competency of the new
designated escrow officer in handling escrow transactions, and such other
information as required by the commissioner. [L 1973, c 140, §1; am L 1985, c
269, §50; gen ch 1985; am L 1992, c 205, §8]