Escrow Law | The Department of Financial Protection and Innovation (2024)

11/21/2023 – The next Escrow Law Advisory Committee meeting will be on Tuesday, December 5, 2023 at 10:00 a.m. PST. The meeting will be held at the Department of Financial Protection and Innovation’s Los Angeles office located at 300 S. Spring St., 15th floor video conference room, Los Angeles, CA 90013. Meeting may also be attended online at the following link:https://www.microsoft.com/microsoft-teams/join-a-meeting

Meeting ID: 281 311 056 860

Passcode: FHAbJ2

Or telephonically

Please contact Assistant Deputy Commissioner Paul Liang in the Los Angeles office at (213) 576-7535 if you have any questions. TheAGENDA for the December 5, 2023 meeting (PDF)and theMINUTES for the September 12, 2023 meeting (PDF)are available.

9/19/2023 – Notice to Potential Claimants of Redwood Escrow Services, Inc.

The Commissioner of the Department of Financial Protection and Innovation Appoints a Conservator for Redwood Escrow Services, Inc. By an order dated September 11, 2023, the Department appointed Christy Kouch, Senior Financial Institutions Examiner in the Escrow and Mortgage Lending Office of the Division of Corporations as Conservator of Redwood Escrow Services, Inc. This action was taken as a result of the irrecoverable trust shortage in which escrow transactions could not be properly closed.

The Department is sensitive to the needs of claimants and is working diligently to identify those that are owed trust funds in order to return funds to claimants. Those who believe that their funds are being held by the company or are holding valid, trust account checks that have not been paid should read the claim letter (PDF) and complete the claim form (PDF).

Please direct all future correspondence to the Conservator at:

Department of Financial Protection and Innovation
Christy Kouch, Conservator
320 W. 4th Street, Suite 750
Los Angeles, CA 90013

E-mail address: conservator.redwoodescrow@dfpi.ca.gov

The Department of Financial Protection and Innovation’ Consumer Services Office at 866-275-2677.

9/1/2023 – The next Escrow Law Advisory Committee meeting will be on Tuesday, September 12, 2023 at 10:00 a.m. PST. The meeting will be held at the Department of Financial Protection and Innovation’s Los Angeles office located at 300 S. Spring St., 15th floor video conference room, Los Angeles, CA 90013. Meeting may also be attended online at the following link:https://www.microsoft.com/microsoft-teams/join-a-meeting

Meeting ID: 230 274 033 109Passcode: nBUVLb

Or telephonically

Please contact Assistant Deputy Commissioner Paul Liang in the Los Angeles office at (213) 576-7535 if you have any questions. TheAGENDA for the September 12, 2023 meeting (PDF)and theMINUTES for the June 13, 2023 meeting (PDF)are available.

9/1/2023 – There are four openings on the Escrow Advisory Committee as follows:

a representative for companies that has other ownership, such as companies owned by a real estate broker or title company. This opening will fill a vacant position’s two-year term ending in August 2024
a representative for medium sized escrow company
a representative for company with a business specialization
an attorney

The Committee is established in Financial Code Section 17214. The Committee’s purpose, as designated in statute, is to assist the Commissioner in the implementation of the Commissioner’s duties under the Escrow Law. The Committee is comprised of eleven members, including the Commissioner or the Commissioner’s designee. The Commissioner appoints the Committee members, other than those representing Escrow Institute of California and Escrow Agents’ Fidelity Corporation. The Committee meets quarterly at the Department’s office. The next meeting is scheduled on September 12, 2023.

If you qualify for the above opening position, you are encouraged to apply by sending a letter of qualifications and/or resume to the attention of Paul Liang, Assistant Deputy Commissioner at 320 West 4th Street, Suite 750, Los Angeles, California 90013. These vacant positions were announced during the advisory meeting on June 13, 2023. If you have already submitted your application and/or resume, you do not need to resubmit. The deadline for submissions is on October 15, 2023 and it may be extended if needed. Should you have any questions, please contact Paul Liang at (213) 576-7535 orPaul.Liang@dfpi.ca.gov.

6/2/2023 – The next Escrow Law Advisory Committee meeting will be on Tuesday, June 13, 2023 at 10:00 a.m. PST. The meeting will be held at the Department of Financial Protection and Innovation’s Los Angeles office located at 320 West 4^thStreet, 7^thfloor conference room. Meeting may also be attended online at the following link:https://www.microsoft.com/microsoft-teams/join-a-meeting

Meeting ID: 269 368 101 039

Passcode: eKavE6

Or telephonically

Please contact Special Administrator Paul Liang in the Los Angeles office at (213) 576-7535 if you have any questions. The AGENDA for the June 13, 2023 meeting (PDF) and the MINUTES for the March 14, 2023 meeting (PDF) are available.

3/3/23 – The next Escrow Law Advisory Committee meeting will be on Tuesday, March 14, 2023 at 10:00 a.m. PST. The meeting will be held at the Department of Financial Protection and Innovation’s Los Angeles office located at 320 West 4^th Street, 7^th floor conference room. Meeting may also be attended online at the following link: https://www.microsoft.com/microsoft-teams/join-a-meeting

Meeting ID: 262 033 233 830

Passcode: 4kYSZS

Please contact Special Administrator Paul Liang in the Los Angeles office at (213) 576-7535 if you have any questions. TheAGENDA for the March 14, 2023 meeting (PDF)and theMINUTES for the December 20, 2022 meeting (PDF)are available.

3/3/2023 – There is one opening on the Escrow Advisory Committee for a representative for companies that has other ownership, such as companies owned by a real estate broker or title company. This opening will fill a vacant position’s two-year term ending in August 2024.

If you qualify for the above opening position, you are encouraged to apply by sending a letter of qualifications and/or resume to the attention of Paul Liang, Special Administrator at 320 West 4th Street, Suite 750, Los Angeles, California 90013. The deadline for submissions is on March 31, 2023. Should you have any questions, please contact Paul Liang at (213) 576-7535 orPaul.Liang@dfpi.ca.gov.

As an expert in financial regulations and escrow law, I have an in-depth understanding of the complex legal and procedural aspects involved in escrow transactions. My knowledge extends to the regulations set forth by the Department of Financial Protection and Innovation (DFPI), particularly in the context of California's Escrow Law.

The information provided in the articles dated 9/1/2023, 9/19/2023, and 11/21/2023 revolves around the activities of the Escrow Advisory Committee and the Department's actions regarding Redwood Escrow Services, Inc. Let's break down the key concepts and details:

Escrow Law Advisory Committee Meetings:
- The meetings are scheduled periodically, and attendees have the option to join in person or online.
- The meetings provide a platform for discussions related to the implementation of the Commissioner's duties under the Escrow Law.
- Meeting details include date, time, location, online access link, meeting ID, and passcode.
Redwood Escrow Services, Inc.:
- The Department appointed Christy Kouch as the Conservator of Redwood Escrow Services, Inc., due to an irrecoverable trust shortage.
- Claimants are encouraged to read the claim letter and complete the claim form if they believe their funds are held by the company.
- Contact information for the Conservator is provided, including the email address and mailing address.
Escrow Advisory Committee Openings:
- There are openings for representatives on the Escrow Advisory Committee, representing various categories such as companies with other ownership, medium-sized escrow companies, companies with business specialization, and an attorney.
- The Committee is established in Financial Code Section 17214, and its purpose is to assist the Commissioner in implementing duties under the Escrow Law.
- Application details are provided for those interested in applying for the openings, including contact information for Assistant Deputy Commissioner Paul Liang.
Application Deadlines and Submissions:
- Application deadlines are mentioned, and extensions may be considered.
- Contact information for Paul Liang is provided for any questions regarding applications or the openings.

Understanding the intricacies of escrow law, the role of the Escrow Advisory Committee, and the actions taken by the DFPI in response to issues such as trust shortages positions me as a reliable source to interpret and elaborate on the information provided in the articles. If you have any specific questions or require further clarification on any aspect of these articles, feel free to ask.