Escrow Law
What's New
- 03/8/13 - On February 28, 2013, the Department issued an order that froze the escrow activity of Efficient Services Escrow Group when it was learned that unauthorized wires had been transferred from two of its trust accounts. The company was given the opportunity to correct the trust shortage, but did not provide proof of correction. In order to start the process of releasing funds to customers with funds on deposit, on March 8, 2013 the Department issued additional orders to appoint a conservator. The conservator is Peter Davidson of Ervin, Cohen & Jessup LLP. At this time it is unknown when funds will be released and at what percentage. More information will become available once the conservator is able to fully assess the situation. FAQ’s
- 12/19/12 - The California Corporations Commissioner proposes to adopt section 1718.1 of Title 10 of the California Code of Regulations. This proposed rulemaking action clarifies the Escrow Law’s requirements for a surety bond that is required of escrow agents for licensure. The period within which to comment on this proposed regulatory action ends on February 11, 2013. (PRO 13-12)
- 02/03/11 - Notice to Potential Claimants of Mid-Cities Escrow. The Commissioner of Corporations Appoints a Conservator for Mid-Cities Escrow. - By an order dated February 2, 2012, the California Department of Corporations appointed Peter Davidson, Esq., as Conservator of Mid-Cities Escrow. This action was taken when it was learned that Mid-Cities Escrow had committed numerous violations of the California Escrow Law. If you have any questions concerning Mid-Cities Escrow, you may contact Mr. Davidson at pdavidson@ECJLAW.COM.
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