Johnson Bailey and Kailey Clark's corporation, Bailey-Clark Financial, is branching out into the field of escrow handling. They know the corporation must be licensed by the State of California. There are a total of 5 officers, trustees, and other employees who will have access to the money or negotiable securities in the possession of the corporate license, and have furnished a bond of indemnification against loss. Has the corporation fulfilled all necessary licensing requirements to work in escrow handling?A) No, they must also make sure that all monies deposited in escrow be placed in a trust account that is exempt from execution or attachment.
B) No, they must also be able to show that the company is financially solvent.
C) No, they must also meet the requirements in Answers A and B. In addition, the corporation must furnish a surety bond in the amount of $25,000.00, or more, based upon yearly average trust fund obligations.
D) Yes, the corporation has filled all necessary obligations to be licensed.
