The escrow law is imposed to protect the people of California. It protects the members who invested their money and other asset to the escrow agent of California. This regulation has been framed by the California code of regulation. In this escrow law escrow agent, joint escrow agent and internet escrow agent are also subject to the provisions. This escrow law requires the license. The following person is excluded from the procurement of license. They are building and loan or saving loan association, insurance company, trust companies, and banks.
An escrow agent should be the member of the Escrow Agent Fidelity Corporation (EAFC). To be a member the escrow agent should engage himself in the types specified in the escrow law. If he is a real estate escrow agent then he should engage in activities relating to sale, lease, exchange or transfer of title.
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