California Financial Code 17403.5 – (a) All records required by this chapter may be retained by an …
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(a) All records required by this chapter may be retained by an Internet escrow agent and provided to the commissioner in electronic format.
(b) All transfers by an Internet escrow agent between trust accounts and interest-bearing accounts, and between escrow accounts, may be made electronically.
Terms Used In California Financial Code 17403.5
- 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
(c) A statement of account may be delivered by an Internet escrow agent to a customer by electronic mail or via the Internet, unless otherwise requested by the customer.
(Added by Stats. 2000, Ch. 437, Sec. 5. Effective January 1, 2001.)