Section 17200.8 Of Chapter 2. License And Bond From California Financial Code >> Division 6. >> Chapter 2.
17200.8
. (a) Within the organization of each escrow agent
corporation, either as an owner, officer, or employee, there shall be
one or more persons possessing a minimum of five years of
responsible escrow or joint control experience to be stationed at the
main office of the corporation and one or more persons possessing a
minimum of four years of responsible escrow or joint control
experience stationed at each branch. At least one such qualified
person shall be stationed on duty at each business location licensed
by this division during the time the location is open for business. A
person who has satisfied educational requirements established by the
commissioner may substitute education for up to one year of
experience.
(b) Subdivision (a) does not apply to an Internet escrow agent
with respect to escrows involving personal property. However, within
the organization of each Internet escrow agent corporation engaged in
the business of an escrow involving personal property, either as an
owner, officer, or employee, one or more qualified persons shall
possess knowledge and understanding of the Escrow Law (as set forth
in Division 6 (commencing with Section 17000)), the rules promulgated
thereunder, and accounting so that, among other things, appropriate
books and records are used and maintained in order to account for
escrows involving personal property. At least one qualified person
shall be on duty at each business location of an Internet escrow
agent licensed by this division when operations are being conducted
that require knowledge of accounting and the Escrow Law and
regulations. An Internet escrow agent shall notify the commissioner
of the daily business hours during which those operations are to be
conducted.