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Order Number: OSA-4443317 <br />Page Number: 9 <br />NPTXCE <br />Section 12413.1 of the California Insurance Code, effective January 1, 1990, requires that any title insurance <br />company, underwritten title company, or controlled escrow company handling funds In an escrow or sub -escrow <br />capacity, wait a specified number of days after depositing funds, before recording any documents in connection <br />with the transaction or dlsbursing funds. This statute allows for Funds deposited by wire transfer to be disbursed <br />the same day as deposit. In the case of cashier's checks or certified checks, funds may be disbursed the next day <br />after deposit. In order to avoid unnecessary delays of three to seven days, or more, please use wire transfer, <br />cashier's checks, or certified checks whenever possible. <br />If you have any questions about the effect of this new law, please contact your local First American Office for <br />more details. <br />F1rstAme1'ican Title <br />Page 9 of 14 <br />75L-16 <br />