Financial Code - FIN
DIVISION 6. ESCROW AGENTS [17000 - 17703]
( Division 6 enacted by Stats. 1951, Ch. 364. ) CHAPTER 2. License and Bond [17200 - 17215]
( Heading of Chapter 2 amended by Stats. 1961, Ch. 475. ) 17206.
When 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.
(Enacted by Stats. 1951, Ch. 364.)