§ 17310. — 17310. (Amended by Stats. 2006, Ch. 376, Sec. 1.)

California § 17310.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 6.: DIVISION 6. ESCROW AGENTS
• Ch. 2.5.: CHAPTER 2.5. Escrow Agents’ Fidelity Corporation
• Art. 2.: ARTICLE 2. Purpose: Scope of Guarantee

Text

(a)
It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set forth in this chapter.
(b)
Fidelity Corporation shall not be liable for any consequential damages sustained by a member, or by any other person, nor for any punitive damages whatsoever.
(c)
The indemnification shall be provided by any of the following:
(1)
A fund established by Fidelity Corporation pursuant to Section 17320.
(2)
A fidelity bond or insurance policy to be approved by the commissioner.
(3)
A combination of paragraphs (1) and (2) subject, however, to the maximum coverage specified in subdivision (b) of Section 17314.
(d)
Fidelity Corporation shall provide a copy to all of its members and the commissioner of the fidelity bond or insurance policy as it is acquired or renewed, and Fidelity Corporation shall promptly provide a copy to any member or successor in interest, upon request.

Legislative History

Amended by Stats. 2006, Ch. 376, Sec. 1. Effective January 1, 2007.