Escrow agents: asset requirements.

Existing law, the Escrow Law, requires people engaging in business as escrow agents to be organized as corporations for that purpose, as specified, and appropriately licensed by the Commissioner of Business Oversight. Existing law requires an escrow agent licensed on or after January 1, 1986, to maintain a tangible net worth of $50,000, including liquid assets of at least $25,000 in excess of current liabilities. Existing law required an escrow agent licensed before January 1, 1986, to maintain an increasing tangible net worth pursuant to a prescribed schedule, the amounts of which, by 1993, matched the requirements for escrow agents licensed on and after January 1, 1986. This bill would delete obsolete provisions by deleting the tangible net worth schedule for escrow agents licensed before January 1, 1986, as described above, and the distinctions in this context based on when an agent was licensed.