{ "topic": "good funds", "generatedAt": "2026-06-03T20:12:49.069Z", "count": 2, "records": [ { "id": "dfpi-eac-014", "slug": "2023-06-13-agenda-14", "sourceId": "dfpi-escrow-advisory-committee", "title": "DFPI Escrow Advisory Committee Agenda", "agencyName": "California Department of Financial Protection and Innovation", "jurisdiction": "California", "meetingDate": "2023-06-13", "publishedDate": null, "recordType": "agenda", "recordTypeLabel": "agenda", "sourceUrl": "https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/06/Escrow-Advisory-Committee-Agenda-for-6-13-2023-Meeting.pdf", "rawFileUrl": "https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/06/Escrow-Advisory-Committee-Agenda-for-6-13-2023-Meeting.pdf", "sourceSnapshotHash": "2e75a0d1e0d51fbd5f8c6e4d09299656dcc659995f893c47a74c251e26a60a85", "textHash": "0649ede5287b34d9dc1665aad5962b566bd940298c31be6e18e76c4e5056d2c3", "extractedTextStatus": "complete", "topics": [ "escrow", "settlement funds", "good funds", "education", "licensing", "examinations", "enforcement" ], "entityNames": [ "DFPI", "Escrow Advisory Committee" ], "quotedTerms": [ "escrow", "settlement funds", "good funds", "education", "licensing", "examinations", "enforcement" ], "summary": "agenda from California Department of Financial Protection and Innovation with public discussion or agenda items touching settlement funds, good funds, education, licensing, and examinations.", "reviewedStatus": "machine_extracted", "createdAt": "2026-06-03T20:12:49.069Z", "updatedAt": "2026-06-03T20:12:49.069Z", "relevantPassages": [ "728 984 421# AGENDA 1. Welcome, Opening Remarks Paul Liang 2. Review and Approval of Minutes for 3/14/22 meeting Paul Liang 3. Q&A from 2023 EIC Conference Paul Liang 4. Insured Cash Sweep Program Paul Liang 5. Examination Updates and scams Gary Suzuki 6. Escrow Advisory Committee openings Paul Liang 7. Ad Hoc Committee progress Paul Liang 8. Enforcement Actions and Licensing Update Paul Liang 9. Public Comments 10. Closing Remarks Paul Liang In limited occurrences or due to unforeseen circumstances, there may be a change to the order of agenda items.) Special accommodations for disabled perso", "728 984 421# AGENDA 1. Welcome, Opening Remarks Paul Liang 2. Review and Approval of Minutes for 3/14/22 meeting Paul Liang 3. Q&A from 2023 EIC Conference Paul Liang 4. Insured Cash Sweep Program Paul Liang 5. Examination Updates and scams Gary Suzuki 6. Escrow Advisory Committee openings Paul Liang 7. Ad Hoc Committee progress Paul Liang 8. Enforcement Actions and Licensing Update Paul Liang 9. Public Comments 10. Closing Remarks Paul Liang In limited occurrences or due to unforeseen circumstances, there may be a change to the order of agenda items.) Special accommodations for disabled perso", "nnovation GOVERNOR Gavin Newsom · COMMISSIONER Clothilde V. Hewlett ESCROW LAW ADVISORY COMMITTEE MEETING June 13, 2023, 10 a.m. – 12 p.m. 320 West 4th Street, 7th floor conference room, Los Angeles, CA 90013 Or Join on your computer or mobile device https://www.microsoft.com/microsoft-teams/join-a-meeting Meeting ID: 269 368 101 039 Passcode: eKavE6 Or Call in (audio only) +1 916-409-6163,,728984421# United States, Sacramento Phone Conference ID: 728 984 421# AGENDA 1. Welcome, Opening Remarks Paul Liang 2. Review and Approval of Minutes for 3/14/22 meeting Paul Liang 3. Q&A from 2023 EIC Con", "ul Liang 5. Examination Updates and scams Gary Suzuki 6. Escrow Advisory Committee openings Paul Liang 7. Ad Hoc Committee progress Paul Liang 8. Enforcement Actions and Licensing Update Paul Liang 9. Public Comments 10. Closing Remarks Paul Liang In limited occurrences or due to unforeseen circumstances, there may be a change to the order of agenda items.) Special accommodations for disabled persons, such as sign language interpreter services, are available. Please make requests for special accommodation services at least seven days in advance of the meeting. Requests should be directed to Pa", "emarks Paul Liang 2. Review and Approval of Minutes for 3/14/22 meeting Paul Liang 3. Q&A from 2023 EIC Conference Paul Liang 4. Insured Cash Sweep Program Paul Liang 5. Examination Updates and scams Gary Suzuki 6. Escrow Advisory Committee openings Paul Liang 7. Ad Hoc Committee progress Paul Liang 8. Enforcement Actions and Licensing Update Paul Liang 9. Public Comments 10. Closing Remarks Paul Liang In limited occurrences or due to unforeseen circumstances, there may be a change to the order of agenda items.) Special accommodations for disabled persons, such as sign language interpreter ser" ] }, { "id": "dfpi-eac-015", "slug": "2023-06-13-meeting-minutes-15", "sourceId": "dfpi-escrow-advisory-committee", "title": "DFPI Escrow Advisory Committee Meeting Minutes", "agencyName": "California Department of Financial Protection and Innovation", "jurisdiction": "California", "meetingDate": "2023-06-13", "publishedDate": null, "recordType": "meeting_minutes", "recordTypeLabel": "meeting minutes", "sourceUrl": "https://dfpi.ca.gov/wp-content/uploads/2024/05/2023-6-13-EAC-Meeting-Minutes.pdf", "rawFileUrl": "https://dfpi.ca.gov/wp-content/uploads/2024/05/2023-6-13-EAC-Meeting-Minutes.pdf", "sourceSnapshotHash": "ab916f6e5a004f39a0e7b53a0e4d05f2cc167c45c056daac9b55302917536120", "textHash": "6afe05cdafd0869f56c514ab54438e702d7a5391c301ea5fb111eb66d940bb15", "extractedTextStatus": "complete", "topics": [ "escrow", "title", "settlement funds", "consumer protection", "wire fraud", "escrow instructions", "wire instructions", "seller proceeds", "buyer funding", "trust account", "good funds", "title insurance", "education", "real estate fraud", "licensing", "examinations", "enforcement", "escrow accounting software", "remote work" ], "entityNames": [ "DFPI", "Escrow Advisory Committee" ], "quotedTerms": [ "escrow", "title", "settlement funds", "consumer protection", "wire fraud", "escrow instructions", "wire instructions", "seller proceeds", "buyer funding", "trust account", "good funds", "title insurance", "education", "real estate fraud", "licensing", "examinations", "enforcement", "escrow accounting software", "remote work" ], "summary": "meeting minutes from California Department of Financial Protection and Innovation with public discussion or agenda items touching title, settlement funds, consumer protection, wire fraud, and escrow instructions.", "reviewedStatus": "machine_extracted", "createdAt": "2026-06-03T20:12:49.069Z", "updatedAt": "2026-06-03T20:12:49.069Z", "relevantPassages": [ "struction under the escrow regulation. Garcia commented that the problem to say no to CDA is to give a competitive advantage to DRE broker-controlled escrow companies or title-controlled escrow companies that will say yes. Liang stated the Department observed in recent years real estate brokers used escrow agents as Page 3 of 6 bookkeeper to manage their earned commissions and use those funds to pay their personal and business expenses such as to pay referral fees to a different broker, paying college tuitions, personal credit card payment, car payment, child support, alimony, etc. Liang remin", "Licensees Page 2 of 6 should also be aware it may be outside of the scope of escrow to provide bookkeeping and bill payment services to the seller for their funds in the trust account. Larry Black questioned if a licensee holds rent or security deposit post-closing, would the funds being held be considered a holding escrow. Liang stated whether any remaining funds in the escrow would be considered as turning into holding escrow requires a review on a case-by-case basis. Typically, post-closing funds being held for repair, termite works, etc. are not considered as holding escrow. If the license", " to submit an annual audit report. It is not uncommon to see a licensee rescind their request to surrender a license. Garcia questioned how such requirement will benefit consumer if a licensee does not have the funds to meet its financial requirements or to engage a CPA to do an annual audit. Liang stated maintaining financial requirements and submitting an annual audit mitigate risks to consumer funds. Those requirements may be waived under some circumstances such as when the Department is placing the company under conservatorship or receivership. In those cases, an annual audit report may no", "ion where the sellers were a traveling couple. The licensee communicated with the sellers verbally and electronically. The licensee had the seller’s signed and notarized wire instructions. The transaction was recorded, and proceeds were wired. The licensee also mailed the final closing statement to the sellers. The wire was rejected by the receiving bank because the beneficiaries on the wire were different from the name of the account holder. The vacant landowner received the final closing statement and contacted the licensee that they had no knowledge of this sale. It appears a fraudster impe", "he proceeds. Cassel suggested licensees remain neutral and ask the seller(s) to get legal advice as there may be tax consequences. Liang stated if a licensee follows the instructions from the principals to disburse proceeds to seller(s) of the transaction, there is no apparent escrow violation. Licensees are encouraged to disburse proceeds promptly to avoid proceeds being turned into a holding escrow. Licensees Page 2 of 6 should also be aware it may be outside of the scope of escrow to provide bookkeeping and bill payment services to the seller for their funds in the trust account. Larry Blac" ] } ] }