Escrow Services
Impact Escrow, Inc.About
This business has 2 alerts
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:DFPI vs Impact Escrow, Inc
Impact Escrow was required to file its annual audit report for fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022, respectively on or before April 15, 2020, April 15, 2021, and April 15, 2022. Impact Escrow has not filed its annual audit report for fiscal years ended 2020, 2021 and 2022, in violation of the Escrow Law, Financial Code section 17406. Pursuant to Financial Code section 17406, all licensees under the Escrow Law are required to file an annual audit report containing audited financial statements within 105 days after the close of their fiscal year. Impact Escrow’s fiscal year-end is December 31. The Commissioner, through her staff, had made numerous demands to Impact Escrow to submit the required annual audit reports but none of the abovementioned annual audit reports were submitted.
The Commissioner is authorized to impose a penalty under Financial Code section 17408 for Impact Escrow’s failure to file its annual audit reports. As of November 8, 2021, the accrued penalty for the late filing of the 2020 annual audit report amounts to $166,500.00. In or around March or April 2022, the Commissioner received information that Impact Escrow has closed its business as of December 31, 2021. Despite numerous notices and attempts of communication concerning the surrender process, Impact Escrow has failed to follow the proper surrender process including submitting a written request to surrender its escrow agent license and failing to provide the necessary documents, including the closing audit. Under the Escrow Law, Financial Code section 17600, Impact Escrow’s escrow agent license remains in effect until it is surrendered, revoked, or suspended.
This Settlement Agreement is entered into for the purpose of judicial economy and expediency, and to avoid the expense and uncertainty of a hearing or other possible litigation, protects consumers, is in the public interest, and is consistent with the purpose, policies, and provisions of the applicable law.
Business Details
- Local BBB:
- BBB of Los Angeles & Silicon Valley
- BBB File Opened:
- 7/19/2024
- Business Incorporated:
- 1/23/2004
- Type of Entity:
- Corporation
- Business Management:
- Victor Sampson, CEO
Additional Contact Information
- Principal Contacts
- Victor Sampson, CEO
- Customer Contacts
- Victor Sampson, CEO
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Business Categories
- Escrow Services
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