Financial Code - FIN

DIVISION 6. ESCROW AGENTS [17000 - 17703]

CHAPTER 2.5. Escrow Agents’ Fidelity Corporation [17300 - 17350]

ARTICLE 1. Definitions [17300 - 17305]

17300.  

“Fidelity Corporation” means the Escrow Agents’ Fidelity Corporation.

(Amended by Stats. 1985, Ch. 1560, Sec. 6. Effective October 2, 1985.)

17301.  

“Member” means any person licensed under this division who is required by Section 17312 to be a member of Fidelity Corporation.

(Amended by Stats. 1985, Ch. 1560, Sec. 7. Effective October 2, 1985.)

17302.  

“Trust obligation” means:

(a) All money and property deposited with a member within the State of California in an escrow or joint control transaction.

(b) All money and property deposited with a member to be held in trust within the State of California pursuant to a federal or state statute or requirements of a governmental agency.

(Amended by Stats. 2001, Ch. 662, Sec. 1. Effective January 1, 2002.)

17303.  

“Commissioner” means the Commissioner of Corporations.

(Added by Stats. 1982, Ch. 1106, Sec. 1.)

17304.  

“Loss,” within the meaning of this chapter, means the loss of trust obligations held by a member within the State of California as a result of the fraudulent or dishonest abstraction, misappropriation, or embezzlement of trust obligations by an officer, director, trustee, stockholder, manager, or employee of a member.

(Amended by Stats. 2001, Ch. 662, Sec. 2. Effective January 1, 2002.)

17305.  

“Monthly average escrow liability,” as used in this chapter, means the average escrow liability for the 12-month period as reported in the most recent report made by the member to the commissioner pursuant to Section 17348.

(Amended by Stats. 1989, Ch. 590, Sec. 1.)