Current through Register 2021 Notice, Register No. 40, October 1, 2021
(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.
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.).