Section 1781.
1781. (a) All deposits, excluding processing fees, shall be placed in an escrow account. All terms governing the deposit escrow account shall be approved in advance by the department. (b) The deposit escrow account shall be established by an escrow agent and all deposits shall be deposited in a depository located in California and approved […]
Section 1781.2.
1781.2. (a) All deposits shall be delivered to the escrow agent and deposited into the deposit escrow account within five business days after receipt by the applicant. The deposit escrow account shall be accounted for in a separate escrow account. (b) The applicant shall provide, with all deposits delivered to the escrow holder, a copy […]
Section 1781.4.
1781.4. The deposit escrow account agreement between the applicant and the escrow agent shall include all of the following: (a) The amount of the processing fee. (b) A provision requiring that all deposits shall be placed into the deposit escrow account upon delivery. (c) A provision requiring that monthly progress reports be sent by the […]
Section 1781.6.
1781.6. All changes to a deposit agreement or deposit escrow account agreement form shall be submitted to, and approved by, the department before use by the applicant. (Amended by Stats. 2000, Ch. 820, Sec. 37. Effective January 1, 2001.)
Section 1781.8.
1781.8. (a) Deposits held in escrow shall be placed in an interest bearing account or invested as provided under subdivision (e) of Section 1781. (b) Interest, income, and other gains derived from deposits held in a deposit escrow account may not be released or distributed from the deposit escrow account except upon written approval of […]