Any item or draft received by a title insurance company, controlled escrow company, or underwritten title company in connection with any escrow shall be deposited in, or submitted for collection to, a financial institution as defined in Section 12413 no later than the close of the next business day following receipt. For purposes of this section, âitemâ means any check, including a cashierâs check, negotiable order of withdrawal, share draft, travelerâs check, or money order.
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