Escrow agents.

Existing law, the Escrow Law, provides for the licensure and regulation of escrow agents by the Commissioner of Corporations. Each person licensed under that law is required to participate as a member of Fidelity Corporation, a nonprofit mutual benefit corporation, established to indemnify its members against loss. Existing law requires a shareholder, officer, director, trustee, manager, or employee of an escrow agent to obtain a Fidelity Corporation Certificate as a condition of employment. This bill would require an officer, director, trustee, or escrow manager of a licensee who has access to money or negotiable securities of the licensee, and certain other persons, to complete a course in escrow management conducted by the commissioner, within 12 months following their receipt of a Fidelity Corporation Certificate, as specified.