(a) An escrow agent’s license remains in effect until surrendered, revoked, or suspended.
(b) A licensee that ceases to engage in the business regulated by this division and desires to no longer be licensed shall notify the commissioner in writing and, at that time, tender the license and all other indicia of licensure to the commissioner. Within 105 days of the written notice to the commissioner, the licensee shall submit to the commissioner, at its own expense, a closing audit report as of the date the license is tendered to the commissioner for surrender, or for another period as the commissioner may specify, to be performed by an independent certified public accountant. The closing audit shall include, but not be limited to, information required by the commissioner, a bank reconciliation of the trust account, and a verified statement from a certified public accountant confirming lawful disbursement of funds. A license is not surrendered until the commissioner has reviewed and accepted the closing audit report, a determination has been made by the commissioner that acceptance of the surrender is in the public interest, and tender of the license is accepted in writing by the commissioner.
Terms Used In California Financial Code 17600
- escrow agent: as used in this division includes joint control agents and Internet escrow agents. See California Government Code 25823
(Amended by Stats. 2009, Ch. 568, Sec. 3. (SB 204) Effective January 1, 2010.)