Escrow Agent

Exam

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Education

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Experience

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Background check

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Any person engaged in the business of receiving escrows for deposit or delivery, except those that are exempt pursuant to Section 17006 of the California Financial Code. The Escrow Law defines "Internet escrow agent" as any person engaged in the business of receiving escrows for deposit or delivery over the Internet. "Joint control agent" is defined under the Escrow Law as any person engaged in the business of receiving money or other property for disbursal or use in payment of the cost of labor, material, services, permits, fees, or other items of expense incurred in the construction of improvements upon real property. Fees: Application: $625 for the first office, $425 for each additional office or location, along with an investigation fee of $100 for each location; Fingerprint processing: $52 per person, $10 for Livescan fingerprint processing. The fees are non-refundable. Examination: NA Examination Frequency: Each escrow agent is subject to a regulatory examination by the Department at least once every 4 years, and the escrow agent is responsible for the cost of the regulatory examination. Exam Locations: Regulatory examination at licensed location. Experience Requirement: Manager with 5 years escrow or joint control agent experience for main office, 4 years experience for branch location. An Internet escrow agent engaged in the business of escrows involving personal property is required to have a manager with knowledge and understanding of the Escrow Law and rules promulgated thereunder and knowledge of accounting. Average Time to Process Application: 60 days. Renewal Period: Annual license fee of $2,800 per location. Special License Requirements: 1. Membership in Escrow Agents’ Fidelity Corporation (EAFC). Authority: California Financial Code, Division 6, commencing with Section 17000. California Code of Regulations, Title 10, Subchapter 9, commencing with Section 1700 (10 C.C.R. § 1700, et seq.).