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Financial Code - FIN - FIN § 17301
Financial Code - FIN - FIN § 17301
“Member” means any person licensed under this division who is required by Section 17312 to be a member of Fidelity Corporation.
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Financial Code - FIN - FIN § 17302
Financial Code - FIN - FIN § 17302
“Trust obligation” means: (a) All money and property deposited with a member within the State of California in an escrow or joint control transaction. (b) All money and property deposited with a member to be held in trust within the State of California pursuant to a federal or st
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Financial Code - FIN - FIN § 17303
Financial Code - FIN - FIN § 17303
“Commissioner” means the Commissioner of Financial Protection and Innovation.
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Financial Code - FIN - FIN § 17304
Financial Code - FIN - FIN § 17304
“Loss,” within the meaning of this chapter, means the loss of trust obligations held by a member within the State of California as a result of the fraudulent or dishonest abstraction, misappropriation, or embezzlement of trust obligations by an officer, director, trustee, stockho
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Financial Code - FIN - FIN § 17305
Financial Code - FIN - FIN § 17305
“Monthly average escrow liability,” as used in this chapter, means the average escrow liability for the 12-month period as reported in the most recent report made by the member to the commissioner pursuant to Section 17348.
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Financial Code - FIN - FIN § 17310
Financial Code - FIN - FIN § 17310
(a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set forth in this chapter. (b) Fidelity Corporation shall not be liable for any consequential damages sustained by a member, or by any
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Financial Code - FIN - FIN § 17311
Financial Code - FIN - FIN § 17311
(a) Persons licensed pursuant to this division shall maintain a corporation under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code) operating under the name Escrow Agents’ Fidelity Corporation. (
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Financial Code - FIN - FIN § 17312
Financial Code - FIN - FIN § 17312
(a) Each person licensed pursuant to this division who is engaged in the business of receiving escrows specified in subdivision (c) and whose escrow business location is located within the State of California shall participate as a member in Fidelity Corporation in accordance wit
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Financial Code - FIN - FIN § 17313
Financial Code - FIN - FIN § 17313
The commissioner shall review and approve the articles of incorporation and bylaws of Fidelity Corporation before they are filed with the Secretary of State.
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Financial Code - FIN - FIN § 17313.1
Financial Code - FIN - FIN § 17313.1
The fiscal year of Fidelity Corporation shall commence on July 1 of each year.
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Financial Code - FIN - FIN § 17314
Financial Code - FIN - FIN § 17314
(a) Fidelity Corporation shall pay a member for loss of trust obligations subject to the limitations set forth in this chapter. Fidelity Corporation shall pay or deny the claim within 90 days of receipt of the proof of loss filed by a member, or a member’s successor in interest.
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Financial Code - FIN - FIN § 17314.1
Financial Code - FIN - FIN § 17314.1
(a) Notwithstanding any other provision of this article, Fidelity Corporation shall not be obligated to pay any claim made by a member unless (1) the claim would, except for the dollar amount thereof, be a valid claim under the bond as prescribed by Section 17203.1 and (2) the cl
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Financial Code - FIN - FIN § 17314.2
Financial Code - FIN - FIN § 17314.2
Claims filed prior to the effective date of this chapter shall be governed by the provisions in effect when the loss occurred.
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Financial Code - FIN - FIN § 17314.3
Financial Code - FIN - FIN § 17314.3
(a) A deductible shall apply to each loss suffered by a member in the amount of five thousand dollars ($5,000), plus 5 percent of the amount by which the loss exceeds five thousand dollars ($5,000). If a member with more than one licensed location suffers a covered loss at more t
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Financial Code - FIN - FIN § 17315
Financial Code - FIN - FIN § 17315
The commissioner may establish rules which are reasonable and necessary to carry out the provisions of this chapter.
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Financial Code - FIN - FIN § 17320
Financial Code - FIN - FIN § 17320
Fidelity Corporation shall establish and maintain the following funds for payment of claims and for payment of costs of administration: the membership fund, the operations fund, and the fidelity fund. (a) An applicant or a licensee shall, at the time an application is filed for a
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Financial Code - FIN - FIN § 17321
Financial Code - FIN - FIN § 17321
Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate shall consist of assessments for the operations fund and the fidelity fund. (a) The annual assessment for the operations fund shall be assessed no later than October 15 of each ye
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Financial Code - FIN - FIN § 17321.1
Financial Code - FIN - FIN § 17321.1
Fidelity Corporation shall levy a special assessment against its members whenever: (a) Deemed necessary by the board of directors in the event of any extraordinary expenses which would seriously deplete the resources of the operations fund; or (b) A proof of loss has been submitt
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Financial Code - FIN - FIN § 17321.2
Financial Code - FIN - FIN § 17321.2
Fidelity Corporation shall be entitled to collect late fees as specified in Fidelity Corporation’s bylaws for any late payment of assessments under Section 17320, 17321, or 17321.1.
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Financial Code - FIN - FIN § 17322
Financial Code - FIN - FIN § 17322
Fidelity Corporation shall report to the commissioner each levy of assessment within 10 business days after the levy.
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Financial Code - FIN - FIN § 17323
Financial Code - FIN - FIN § 17323
(a) In the event any member fails to pay an assessment when due, Fidelity Corporation shall by written demand addressed to the member request the payment of the assessment within 30 days of the demand letter. If the member fails to pay an assessment, the commissioner may issue an
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Financial Code - FIN - FIN § 17324
Financial Code - FIN - FIN § 17324
Any reduction in the membership fund caused by payment of an extraordinary expense pursuant to subdivision (a) of Section 17320 or payment of claims pursuant to subdivision (c) of Section 17320 shall be replenished by the operations fund or the fidelity fund, as appropriate. The
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Financial Code - FIN - FIN § 17330
Financial Code - FIN - FIN § 17330
Any member or successor in interest who suffers a loss may file a claim with Fidelity Corporation for the amount of the loss.
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Financial Code - FIN - FIN § 17331
Financial Code - FIN - FIN § 17331
(a) An applicant applying for licensure as an escrow agent under this division is required to apply for a Fidelity Corporation Certificate, prepared and issued by Fidelity Corporation, for each proposed shareholder, officer, director, trustee, manager, or employee who is to be di
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Financial Code - FIN - FIN § 17331.1
Financial Code - FIN - FIN § 17331.1
(a) Any person not previously issued a certificate must, upon employment with an escrow agent within this state, apply to Fidelity Corporation for a certificate. The member shall submit all applications for certificates to Fidelity Corporation within 10 business days of the date