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Is Escrow Licensed?

The Department of Business Oversight licenses and regulates escrow agents, joint control agents and Internet escrow agents in California. The definitions in the Escrow Law determine who is subject to the licensing requirements of the law.  EscrowOne, Inc. is licensed as well as insured with a Fidelity Bond to protect its Escrow Trust Account and its clients.

Persons or companies performing escrow services over the Internet in California, or performing escrow services over the Internet for consumers in California, are subject to the licensing requirements of the Escrow Law. See Press Release No. 00-13 on the Department’s website for information regarding the enforcement of these licensing requirements.

WHAT IS AN ESCROW?

Finally, the Escrow Law defines “escrow” as “any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real property to another person, delivers any written instrument, money, evidence of clear title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.

HOW AM I PROTECTED?

The Escrow Law protects members of the public who entrust their money or other assets to independent escrow agents in California.   Escrow agents, joint control agents and Internet escrow agents are subject to the provisions of the Escrow Law.  These laws require, but are not limited to these actions of an Escrow Agent: daily reconciliations of accounts, audits, and reporting.

The Escrow Law is contained in Division 6, of the California Department of Business Oversignt Financial Code . The regulations are contained in Subchapter 9, Title 10, California Code of Regulations commencing with Section 1700 (10 C.C.R. § 1700, et seq.).

How can I research?

The Department of Business Oversight issues the Consumer Alerts! relating to companies offering escrow services, lending services, or are falsely advertising that they are licensed by the Department of Business Oversight. Please note that these companies are not licensed by the California Department of Business Oversight to engage in business and may be operating in violation of California law.  If you need further assistance relating to these or other individuals and entities, please contact the Department’s Consumer Service Center by telephone: 1-866-275-2677 or 916-327-7585.