The license of an escrow agent shall be deemed revoked upon the completion or closure of a court approved liquidation of the business of the escrow agent, whether pursuant to Section 17635 or 17636, or otherwise, unless the escrow agent within 10 days of the court’s order approving the closing or completion of liquidation secures a court order restraining the revocation from taking effect.

(Added by Stats. 1994, Ch. 423, Sec. 3. Effective January 1, 1995.)

Terms Used In California Financial Code 17606.1

  • 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 Financial Code 17005.6