Section 1738.6 - Escrow Instructions Transmitted over the Internet; Electronic Signatures(a) Internet escrow agents may accept escrow instructions that are created, generated, sent, communicated, received or stored by electronic means provided that the principals to the transaction agree to conduct the transaction electronically.(b) The Internet escrow agent shall require that the principals to the transaction acknowledge that they are able to electronically receive the escrow instructions, download the escrow instructions, and print the escrow instructions. The Internet escrow agent shall maintain a record of the principal's acknowledgment. In the event a principal to the transaction is not able to receive the escrow instructions electronically, download the escrow instructions and print the escrow instructions, the Internet escrow agent shall mail a true and correct copy of the instructions to the person within 24 hours of execution. The Internet escrow agent shall retain a record of each mailing.(c) The principals to the transaction may execute the escrow instructions referred to in subsection (a) and other escrow documents with an "electronic signature" that complies with the federal Electronic Signatures in Global and National Commerce Act (the E-Sign Act) (15 U.S.C. Sec. 7001, et seq.).Cal. Code Regs. Tit. 10, § 1738.6
1. New section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30). Note: Authority cited: Section 17400, Financial Code. Reference: Sections 17403.2 and 17403.3, Financial Code.
1. New section filed 7-21-2003; operative 7-21-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 30).