Title and escrow services: authorization to transact business.

Existing law authorizes a company that is a stock corporation to engage in the business of preparing title searches, title reports, title examinations, or certificates or abstracts of title, and to conduct escrow services, if the company, among other things, furnishes audits to the Insurance Commissioner annually on or before March 31, or, if approved in writing by the commissioner, on a fiscal year basis on or before 90 days after the end of the fiscal year. Existing law authorizes the commissioner to extend that deadline, for good cause shown, for a period not to exceed 60 days. This bill would extend the maximum amount of time permitted for an extension of the deadline to submit an audit to 90 days.