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Accounting for moneys, property, etc. 449-16.5 Earnings on funds 449-17 Revocation and suspension of licenses 449-18 Repealed 449-19 Relocation of office 449-20 Branch offices 449-20.5 Closing branch office 449-21 Maintenance of books and records 449-22 Examinations 449-23 Removal of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

     §449-8.6  Sale or transfer of license or change in control.  (a)  No escrow depository license shall be transferred except as provided in subsection (c).

     (b)  A bona fide sale of all or substantially all of the ongoing operations of a licensee shall not result in the assignment or transfer of the escrow depository license.  The purchaser of all or substantially all of the ongoing operations of a licensee shall file an application for approval in accordance with this chapter and shall not act as an escrow depository unless it has been licensed by the commissioner.

     (c)  If the licensee is a corporation, any intended transfer of its voting stock which may result in the acquisition of control of the licensee may be considered a transfer of license.  Any intended transfer of the voting stock which may result in the acquisition of control shall be reported to the commissioner in writing.  Upon determination by the commissioner that the intended transfer will result in the acquisition of control, the transferee of the stock shall file an application for approval to act as an escrow depository and shall not acquire control of an escrow depository until the transferee has been approved by the commissioner.

     (d)  The fee for the transfer and change in control of an escrow depository license shall be $5,000. [L 1992, c 205, pt of §1; am L 2013, c 166, §6]