§ 12413.2. — 12413.2. (Added by Stats. 1988, Ch. 389, Sec. 1.)

California § 12413.2.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 6.: PART 6. INSURANCE COVERING LAND
• Ch. 1.: CHAPTER 1. Title Insurance
• Art. 6.: ARTICLE 6. Rebates and Commissions

Text

Any item or draft received by a title insurance company, controlled escrow company, or underwritten title company in connection with any escrow shall be deposited in, or submitted for collection to, a financial institution as defined in Section 12413 no later than the close of the next business day following receipt.
For purposes of this section, “item” means any check, including a cashier’s check, negotiable order of withdrawal, share draft, traveler’s check, or money order.

Legislative History

Added by Stats. 1988, Ch. 389, Sec. 1.