California Financial Code
§ 17206
FIN § 17206Div. 6 · Ch. 2
Statute text
View on leginfo.ca.govWhen an action is commenced on an escrow agent’s bond the commissioner may require the filing of a new bond, and immediately upon the recovery of any action on the bond, the licensee shall file a new bond. Failure to file a new bond within 10 days of the recovery on a bond, or within 10 days after notification of the commissioner that a new bond is required constitutes sufficient grounds for the suspension or revocation of the license.
Legislative history
Enacted by Stats. 1951, Ch. 364.