Section 17600 Of Chapter 4. Revocation Of License From California Financial Code >> Division 6. >> Chapter 4.
17600
. (a) An escrow agent's license remains in effect until
surrendered, revoked, or suspended.
(b) A licensee that ceases to engage in the business regulated by
this division and desires to no longer be licensed shall notify the
commissioner in writing and, at that time, tender the license and all
other indicia of licensure to the commissioner. Within 105 days of
the written notice to the commissioner, the licensee shall submit to
the commissioner, at its own expense, a closing audit report as of
the date the license is tendered to the commissioner for surrender,
or for another period as the commissioner may specify, to be
performed by an independent certified public accountant. The closing
audit shall include, but not be limited to, information required by
the commissioner, a bank reconciliation of the trust account, and a
verified statement from a certified public accountant confirming
lawful disbursement of funds. A license is not surrendered until the
commissioner has reviewed and accepted the closing audit report, a
determination has been made by the commissioner that acceptance of
the surrender is in the public interest, and tender of the license is
accepted in writing by the commissioner.