Chapters

CHAPTER 449 ESCROW DEPOSITORIES

Contents 449-1 Definitions 449-1.5 Applicability of chapter 449-1.6 Name of escrow depository 449-1.7 Indicia of escrow depository prohibited 449-1.8 Confidential portion of application or records 449-1.9 Powers of commissioner 449-2 Rules 449-3 Excepted from this chapter 449-4 Administrative penalty 449-5 License required to act as escrow depository 449-5.5 Net capital 449-6 Application for license 449-7 Investigation and ruling 449-7.4 Grant of approval 449-7.5 Licensing requirements 449-8 Issuance and renewal of license 449-8.5 Denial of license 449-8.6 Sale or transfer of license or change in control 449-9 Escrow depository's bond 449-10 Suit on bond 449-11 Fidelity bonds; deposit 449-12 Errors and omissions insurance; deposit 449-13 Cancellation of bonds or insurance; withdrawal of deposits 449-14 Fees 449-15 Audited statements 449-16 Accounting for moneys, property, etc. 449-16.5 Earnings on funds 449-17 Revocation and suspension of licenses 449-18 Repealed 449-19 Relocation of office 449-20 Branch offices 449-20.5 Closing branch office 449-21 Maintenance of books and records 449-22 Examinations 449-23 Removal of officers or directors 449-24 Termination of escrow depository operations

     §449-5.5  Net capital.  [Section effective until December 31, 2013.  For section effective January 1, 2014, see below.]  The net capital of any corporation engaging in the escrow depository business under this chapter shall be not less than $50,000.  A corporation in lieu of the net capital requirement may alternatively file a bond for $50,000 conditional upon its satisfactory performance of escrow conditions and satisfaction of all escrow liabilities.  The amount of the minimum net capital of $50,000, or the bond, or a combination of both net capital or bond totalling $50,000 shall be maintained at all times by the licensee.

     Licensees in operation on May 24, 1973, pursuant to this chapter with a net capital of less than $50,000 shall increase its net capital to $50,000 or file a bond for $50,000, or take action so that a combination of its net capital and bond totals $50,000, before May 24, 1978. [L 1973, c 174, §§1, 2; am L 1976, c 101, §1]

 

 

     §449-5.5  Net capital.  [Section effective January 1, 2014.  For section effective until December 31, 2013, see above.]  The net capital of any corporation engaging in the escrow depository business under this chapter shall not be less than $100,000.  The amount of the minimum net capital of $100,000 shall be maintained at all times by the licensee. [L 1973, c 174, §§1, 2; am L 1976, c 101, §1; am L 2013, c 166, §4]