Assignment To Commissioner Of Financial Protection And Innovation {DFPI-EL-321}

DFPI–EL 321 - ASSIGNMENT TO COMMISSIONER OF FINANCIAL PROTECTION AND INNOVATION. This form, issued by the California Department of Financial Protection and Innovation (DFPI), is used for the assignment of financial assets as security for compliance with the Escrow Law under Financial Code Section 17202.1. It allows an escrow company, referred to as the Assignor, to assign its right, title, and interest in a financial account, such as an investment certificate, certificate of deposit, or bank account, to the Commissioner of Financial Protection and Innovation. This assignment ensures that the funds are available to cover any potential liabilities under the Escrow Law. The form grants the Commissioner or an appointed conservator or receiver the authority to redeem, collect, or withdraw the full amount of the assigned funds at any time. The document includes three key sections: Part I outlines the assignment details, including the assignor’s name, financial institution, and account information. Part II serves as a receipt acknowledging the assignment by the financial institution, confirming that the account is valid, insured, and free of liens or encumbrances. Part III authorizes the financial institution to release any earnings exceeding penalties to the assignor unless directed otherwise by the Commissioner. www.FormsWorkflow.com