California Insurance Code

§ 12413.1

INS § 12413.1Div. 2 · Part 6 · Ch. 1 · Art. 6

Statute text

No title insurance company, controlled escrow company, or underwritten title company shall disburse funds from an escrow account until the day established by the following:

(a)Except for funds deposited by cash or by electronic payment, deposits accorded next day availability pursuant to Part 229 of Title 12 of the Code of Federal Regulations may not be disbursed until the business day following the business day of deposit.

(b)Except for drafts, deposits not accorded next day availability pursuant to Part 229 of Title 12 of the Code of Federal Regulations shall not be disbursed until the day on which these funds must be made available to depositors under the federal regulation specified in this subdivision.

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Legislative history

Amended by Stats. 1990, Ch. 872, Sec. 2.