Section 1737.2 - Internet-Authorized Equivalent of Money(a) An Internet escrow agent who is engaged in the business of escrows involving personal property or services may accept the Internet-authorized equivalent of money for the purpose of effecting the sale or transfer of such personal property or services. An Internet escrow agent shall not withdraw, pay out or transfer monies from a particular escrow for deposits received from the Internet-authorized equivalent of money prior to the deposit of monies into the trust or escrow bank account.(b) An Internet escrow agent who wishes to transact business on a basis other than as provided by this section may request in writing a variance or waiver to the provisions in this section, but may not engage in business in a manner not in compliance with this section without first having received a waiver or variance in writing from the Commissioner.Cal. Code Regs. Tit. 10, § 1737.2
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 17003, Financial Code.
1. New section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30).