Time Certificate Or Certificate Of Deposit {DFPI-EL 323A}

DFPI-EL 323A - TIME CERTIFICATE OR CERTIFICATE OF DEPOSIT. This form is used by the California Department of Financial Protection and Innovation (DFPI) to verify that a Time Certificate of Deposit (CD) is considered a liquid asset for an escrow company’s financial reporting. If a company includes a CD as part of its assets, the DFPI requires a letter from the issuing bank to confirm that the certificate is not encumbered or pledged to secure any other obligations. This letter should state that the CD can be withdrawn at any time by the company or the DFPI and that no "right of offset" is claimed by the bank against the company's accounts. The form and the accompanying letter are typically submitted as part of the annual report for an escrow company, and the information is used to ensure that the company meets the liquidity requirements outlined by the DFPI. It helps the DFPI assess the company's financial health and ability to meet its obligations by confirming the availability and unencumbered status of its assets. www.FormsWorkflow.com