California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 9 - Escrow Agents
Article 4 - Books, Records and Accounts
Section 1740.4 - Transfers Between Escrows
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Transfers of funds between escrows may not be accomplished by the making of book entries alone, but must be accomplished by the actual writing of a check from one escrow to the other; and by the depositing of such check for the account of, and the writing of a receipt for, the escrow to which the funds are being transferred. Such transfers must also be properly supported and documented in the escrow files by inclusion of the reasons for, and the appropriate approval of, the transfer.
(b) This section does not apply to Internet escrow agents.
1. New
section filed 11-24-65; effective thirtieth day thereafter (Register 65, No.
23).
2. Editorial correction of NOTE filed 4-6-83 (Register 83, No.
15).
3. Amendment of section and NOTE filed 7-21-2003; operative
7-21-2003 pursuant to Government Code section
11343.4
(Register 2003, No. 30).
Note: Authority cited: Section 17400, Financial Code. Reference: Sections 17403.5, 17404, 17415 and 17603, Financial Code.
