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 escrow agent.
(Amended by Stats. 1999, Ch. 441, Sec. 6. Effective January 1, 2000.)
Terms Used In California Financial Code 17200
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- escrow agent: as used in this division includes joint control agents and Internet escrow agents. See California Government Code 25831
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Education Code 18561