Section 1717.2 - Experience Requirement for Internet Escrow Agents (with Respect to Personal Property Transactions)Within the organization of each Internet escrow agent corporation engaged in the business of escrows involving personal property, one or more qualified persons shall demonstrate knowledge and understanding of the Escrow Law (as set forth in Division 6 (commencing with Section 17000) of the Financial Code), the rules promulgated thereunder and accounting practices and procedures as follows:
(a) Execute a declaration certifying under penalty of perjury that the person has read and understood the provisions of Division 6 of the Financial Code and these rules promulgated under the Escrow Law; and(b) Possess a minimum of two years of experience performing and/or supervising accounting functions that are similar to those functions that will be necessary to maintain the books, records and accounts of the Internet escrow agent as required by the Escrow Law and these rules; or(c) Successful completion of beginning and intermediate accounting courses or equivalent accounting courses with a grade of "C" or better (or a "passing" or equivalent grade when no letter grade is awarded) from an accredited college. College transcripts shall be provided to the Commissioner to demonstrate this requirement has been met. An "accredited" college means a University of California, a California State University, a California Community College, or another college or university approved (or exempt from approval) by the California Bureau for Private Postsecondary and Vocational Education.Cal. Code Regs. Tit. 10, § 1717.2
1. New section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30). Note: Authority cited: Section 17400, Financial Code. Reference: Section 17200.8, Financial Code.
1. New section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30).