Section 1732.2 - Escrow Books(a) An escrow agent shall establish and maintain currently the following books with reference to its escrow accounts:(1) Escrow ledger containing a separate ledger sheet for each escrow;(2) Escrow liability controlling account;(3) Cash receipt and disbursement journal or a file containing copies of all receipts and checks and/or check stubs of checks issued by the escrow agent as a medium of posting to the records referred to in subsections (1) and (2) in which case adding machine tapes of totals of receipts and checks shall be retained. The records referred to in subsections (1) and (2) shall be reconciled at least once each month with the bank statements of the "trust" or "escrow" account. The records referred to in subsection (1) shall be reconciled at least once each week with the escrow liability controlling account referred to in subsection (2).(b) An escrow agent engaged in the business of receiving escrows for deposit or delivery of the types of transactions specified in subdivision (c) of Section 17312 of the Financial Code and of the types of transactions not specified therein shall maintain separate escrow books and separate escrow trust accounts for each type of escrow business in the same manner as provided for in subsection (a).(c) An escrow agent that is located outside this state shall, in addition to the books and records required in subsections (a) and (b), maintain separate books and records and separate escrow trust bank accounts for the escrow activity that occurs within this state as defined in Section 17005.5 of the Financial Code.Cal. Code Regs. Tit. 10, § 1732.2
1. New section filed 3-3-52; effective thirtieth day thereafter (Register 27, No. 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter (Register 74, No. 6).
3. Amendment filed 7-8-83; effective thirtieth day thereafter (Register 83, No. 28).
4. Editorial correction of printing error in subsection (c) (Register 96, No. 52).
5. Amendment of section and NOTE 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: Sections 17005.5, 17404 and 17409, Financial Code.
1. New section filed 3-3-52; effective thirtieth day thereafter (Register 27, No. 5).
2. Amendment filed 6-27-74; effective thirtieth day thereafter (Register 74, No. 6).
3. Amendment filed 7-8-83; effective thirtieth day thereafter (Register 83, No. 28).
4. Editorial correction of printing error in subsection (c) (Register 96, No. 52).
5. Amendment of section and Note filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30).