The commissioner may immediately revoke by order the escrow agent’s license if the licensee fails to comply with any order, unless the escrow agent secures a court order restraining the enforcement of the commissioner’s revocation order.
(Amended by Stats. 2002, Ch. 772, Sec. 12. Effective January 1, 2003.)
Terms Used In California Financial Code 17606
- 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