When an action is commenced on an escrow agent’s bond the commissioner may require the filing of a new bond, and immediately upon the recovery of any action on the bond, the licensee shall file a new bond. Failure to file a new bond within 10 days of the recovery on a bond, or within 10 days after notification of the commissioner that a new bond is required constitutes sufficient grounds for the suspension or revocation of the license.
(Enacted by Stats. 1951, Ch. 364.)
Terms Used In California Financial Code 17206
- escrow agent: as used in this division includes joint control agents and Internet escrow agents. See California Government Code 25823