§ 17420. — 17420. (Amended by Stats. 1961, Ch. 475.)

California § 17420.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 6.: DIVISION 6. ESCROW AGENTS
• Ch. 3.: CHAPTER 3. Escrow Regulations

Text

Except for the normal compensation of his own employees, it shall be a violation of this division for any person subject to this division to pay over to any other person any commission, fee, or other consideration as compensation for referring, soliciting, handling, or servicing escrow customers or accounts.
It shall also be a violation for any person to enter into any arrangement, either of his own making or of a subsidiary nature, or through any other person having a dual capacity, or through any person having a direct or indirect interest in the escrow, or other device permitting any fee, commission, or compensation which is
contingent upon the performance of any act, condition, or instruction set forth in an escrow to be drawn or paid, either in whole or in part, or in kind or its equivalent, prior to the actual closing and completion of the escrow.

Legislative History

Amended by Stats. 1961, Ch. 475.