Financial Code section 17207 (h)(1) authorizes the Commissioner of the Department of Financial Protection and Innovation (DFPI) to levy a special assessment on all escrow licensees in an amount sufficient to cover the DFPI’s expenses in administering its statutory licensing and examination functions.

Each year, the DFPI undertakes a review of revenues and expenditures as part of its assessment determination process. Based on the review, DFPI projects the escrow program will have a deficit of $1,289,000 for year 2021-2022. This deficit amount will be assessed, according to statute, evenly among the total number of licensed locations (1,032) as of the fiscal year end, June 30, 2021. The special assessment is $1,000.00 per licensed location.

Escrow licensees will be receiving an invoice for its special assessment in early 2022. Payment must be made within 60 days of the date of the invoice. If payment is not made within 60 days, the Commissioner may assess penalties pursuant to Financial Code section 17207 (h)(2).

The special assessment is in addition to the regular assessment of $2,800 per licensed location, which will be billed separately on May 30, 2022.

If escrow licensees have questions about the assessment calculations, they can contact Paul Liang, Special Administrator for Escrow Law, at (213) 576-7535 or Escrow.Licensing@dfpi.ca.gov. Any questions regarding the processing of the assessment payment should be directed to the DFPI accounting department at (916) 576-4949.