California Code of Regulations
Title 2 - Administration
Division 7 - Secretary of State
Chapter 6 - Escrow of Source Codes
Article 5 - The Escrow Company
Section 20650 - Minimum Requirements for Certification
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
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.
1. New
article 5 and section filed 8-8-95; operative 9-7-95 (Register 95, No.
32).
2. Repealer of subheading and amendment of NOTE filed
12-31-2014; operative 4-1-2015 (Register 2015, No.
1).
Note: Authority cited: Section 12172.5, Government Code; and Sections 2501 and 19212, Elections Code. Reference: Sections 2500, 2501 and 19212, Elections Code.
