- 12/04/13 - The Commissioner of Business Oversight adopted amendments to Section 1718.1 of Title 10 of the California Code of Regulations, to clarify the Escrow Law’s requirements for the surety bond that is required for licensure of an escrow agent. These amendments were filed with the Secretary of State on November 27, 2013 and become effective on January 1, 2014. (PRO 12/13)
- 11/26/2013 – The next Escrow Law Advisory Committee meeting will be Tuesday December 10, 2013 at 10:00 A.M. The meeting will be held at the Department of Business Oversight’s Los Angeles office located at 320 West Fourth Street, 7th Floor Conference Room. Agenda.
- 8/30/2013 The next Escrow Law Advisory Committee meeting will be on Tuesday September 10, 2013 at 10:00 A.M. The meeting will be held at the Department of Business Oversight’s Los Angeles office located at 320 West Fourth Street, 7th Floor Conference Room. Agenda The Minutes of the June 4, 2013 meeting are now available.
- 08/29/13 - The California Department of Business Oversight Commissioner is proposing further amendments to Section 1718.1 of Title 10 of the California Code of Regulations, originally published in the California Regulatory Notice Register 2012, No. 52-Z. This rulemaking action relates to amendments made in response to comments received regarding the proposed regulation. The Department of Business Oversight also proposes other nonsubstantive changes throughout the text to amend Department-specific information as a result of the merger of the former Department of Corporations and the former Department of Financial Institutions. The period within which to comment on these amendments ends on September 13, 2013. (PRO 13/12).
- 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 Commissioner of Corporations 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.