California Regulations § 20650 Minimum Requirements for Certification
Regulation Text
A certified escrow company shall:
(a)
Be authorized by the Secretary of State to operate its escrow facilities.
(b)
Submit a copy of every escrow agreement to the Secretary of State. The copy shall be submitted by the escrow company within ten days of the date the escrow agreement is signed.
(c)
For every submission of an escrow agreement, maintain records which sufficiently identify and describe the materials deposited in escrow to determine compliance with the agreement between the vendor and the escrow company. The escrow company shall not be required to verify the content of the materials submitted.
(d)
Notify, in writing, the Secretary of State within five days of the initial deposit of source code. The notice shall include the name of the vendor and a list describing each of the items comprising the initial submission.
(e)
Notify, in writing, the Secretary of State within five days of the termination of any escrow agreement.
(f)
Notify, in writing, the Secretary of State within five days of the change of the name of the company or the name of the escrow facility, together with the address, phone number, and name of the contact person for the company and/or facility.
Source
1. New article 5 and section filed 8-8-95; operative 9-7-95 (Register 95, No. 32).
History
1. New article 5 and section filed 8-8-95; operative 9-7-95 (Register 95, No. 32).
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