California Insurance Code

§ 1734.5

INS § 1734.5 Effective Jul 23, 2021Div. 1 · Part 2 · Ch. 5 · Art. 12

Statute text

(a)(1) If fiduciary funds, as defined in Section 1733, are received by any person licensed, hereinafter the “licensee,” whether under a permanent license, restricted license, temporary license, or certificate of convenience, to act in any of the capacities specified in Section 1733, and the funds are not remitted, or maintained pursuant to subdivisions (a) and (b) of Section 1734, except as provided in subdivision (f), the funds shall be maintained in any of the following:

(A)United States government bonds and treasury certificates or other obligations for which the full faith and credit of the United States are pledged for payment of principal and interest.

(B)Certificates of deposit of banks or savings and loan associations, which are insured by the Federal Deposit Insurance Corporation (FDIC) and licensed by any state government within the United States or by the United States government.

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Legislative history

Amended by Stats. 2021, Ch. 133, Sec. 23. (SB 272) Effective July 23, 2021.