Escrow Services
Pearl Escrow CorporationInformation and Alerts
Alert Details
This business has 1 alert.
Government Actions
Gov. Action
February 19, 2021 The following describes a Consent Order that has been formally brought by a government agency. The California Department of Financial Protection & Innovation, alleges and charges as follows:
On or about November 29, 2011, the Commissioner issued an Accusation against Pearl Escrow in support of the suspension of Pearl Escrow's escrow agent license based on the findings that Pearl Escrow violated Financial Code sections 17406 (failure to timely submit audit reports) and 17210, subdivision (a) (failure to maintain minimal amounts of tangible net worth and liquid assets at all times) (November 29, 2011 Accusation).
On or about March 15, 2012, the Commissioner issued an Order suspending Pearl Escrow's escrow agent license for one month, based on the November 29, 2011 Accusation. Pearl Escrow's escrow agent license was thereafter suspended for one month.
On or about April 10, 2018, the Commissioner issued an Order to Discontinue Violations Pursuant to Financial Code Section 17602 and accusation and notice of intention to issue order to suspend Pearl Escrow's license pursuant to Financial Code section 17608 based on the findings that between June 2015 and July 2017, and again in January 2018, Pearl Escrow failed to maintain a tangible net worth of $50,000.00, including liquid assets of at least $25,000.00 in excess of current liabilities, at all times, in violation of Financial Code section 17210, subdivision (a) (Action and Order to Discontinue Violations).
Pearl Escrow timely requested an administrative hearing in regard to the Action and Order to Discontinue Violations, which was set for trial on August 29, 2018.
On or about August 7, 2018, Pearl Escrow submitted a proof of deposit showing it was currently in compliance with the requirements for maintaining minimum amounts for tangible net worth ($50,000) and net liquid assets ($25,000).
On August 13, 2018, the Commissioner and Pearl Escrow entered into a Settlement Agreement to resolve the Action and Order to Discontinue Violations, including, but not limited to: (i) Pearl Escrow's stipulation to the finality of the Order to Discontinue Violations Pursuant to Financial Code Section 17602, for violations of Financial Code section 17210, (ii) an order for monthly reporting and monitoring of financials, and (iii) an order for payment of costs (2018 Settlement Agreement)
On or about November 11, 2020, the Department received and reviewed Pearl Escrow's financial statements for the period of November 2019 through December 2020, which disclosed that between November 2019 and August 2020, a period of 10 months, Pearl Escrow did not maintain a tangible net worth of $50,000.00, including liquid assets of at least $25,000.00 in excess of current liabilities at all times, in violation of Financial Code section 17210, subdivision (a).
On or about November 11, 2020, Pearl Escrow submitted a proof of deposit showing that as of September 2020, it was in compliance with the requirements for maintaining minimum amounts for tangible net worth ($50,000) and net liquid assets ($25,000).
To access the full California Department of Financial Protection & Innovation press release, please visit: https://dfpi.ca.gov/wp-content/uploads/sites/337/2021/02/Citations-DR-Burgerim-Group-USA-Inc..pdf
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