Section 17423.1 Of Chapter 3. Escrow Regulations From California Financial Code >> Division 6. >> Chapter 3.
17423.1
. (a) (1) Whenever the commissioner takes any enforcement or
disciplinary action pursuant to Section 17423, upon the action
becoming final the commissioner shall notify the Real Estate
Commissioner and the Insurance Commissioner of the action or actions
taken. The purpose of this notification is to alert the departments
that enforcement or disciplinary action has been taken, if the person
seeks or obtains employment with entities regulated by the
departments.
(2) The commissioner shall provide the Real Estate Commissioner
and the Insurance Commissioner, in addition to the notification of
the action taken, with a copy of the written accusation, statement of
issues, or order issued or filed in the matter and, at the request
of the Real Estate Commissioner or Insurance Commissioner, with any
underlying factual material relevant to the enforcement or
disciplinary action. Any confidential information provided by the
commissioner to the Insurance Commissioner or the Real Estate
Commissioner shall not be made public pursuant to this section.
Notwithstanding any other provision of law, the disclosure of any
underlying factual material to the Insurance Commissioner or the Real
Estate Commissioner shall not operate as a waiver of confidentiality
or any privilege that the commissioner may assert.
(b) The commissioner shall establish and maintain, on the Web site
maintained by the Department of Business Oversight, a separate and
readily identifiable database of all persons who have been subject to
any enforcement or disciplinary action that triggers the
notification requirements of this section. The database shall also
contain a direct link to the databases, described in Section 10176.1
of the Business and Professions Code and Section 12414.31 of the
Insurance Code and required to be maintained on the Web sites of the
Bureau of Real Estate and the Department of Insurance, respectively,
of persons who have been subject to enforcement or disciplinary
action for malfeasance or misconduct related to the escrow industry
by the Insurance Commissioner and the Real Estate Commissioner.
(c) There shall be no liability on the part of, and no cause of
action of any nature shall arise against, the State of California,
the Department of Business Oversight, the Commissioner of Business
Oversight, any other state agency, or any officer, agent, employee,
consultant, or contractor of the state, for the release of any false
or unauthorized information pursuant to this section, unless the
release of that information was done with knowledge and malice, or
for the failure to release any information pursuant to this section.