Arizona Escrow Agent/Agency Bond | AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety Bonds
Licensed Arizona escrow agents are required to post a $100,000 surety bond with the Arizona Department of Financial Institutions before acting as an escrow agent or founding an escrow agency.
AmeriPro Surety Bonds will work with you to obtain the best pricing for your Arizona escrow agent bond. Please call us Monday through Friday at 844-589-9732, and we’ll immediately begin work to provide you your escrow bond.
Below, we detail some of the requirements to become a licensed Arizona escrow agent.
How to get an Arizona Escrow Agent License
Applicants for an escrow license in Arizona must do all of the following:
- Applicants must apply for an escrow license by filling out an application. There is a non-refundable application fee of $1,500;
- Once licensed by the state, a semi-annual financial audit must be submitted . Failure to submit the audit in a timely manner will result in a $25/day penalty;
- In addition to the $1500 application fee, each branch escrow office in Arizona will have an additional licensing fee of $500.00;
- In addition to the application, applicants for an Arizona escrow license will need to provide a biographical statement. Applicants will be asked about their:
- Employment history;
- Whether they have ever been charged with a felony or have been convicted of a felony;
- Whether, within the 10 years prior the submission of the escrow application, if they have been charged or pleaded guilty to a misdemeanor regarding financial services, fraud, bribery, perjury, and related matters;
- Whether any state, Arizona, or otherwise, or any federal agency has found them to have made a statement which is false;
- Whether any state, Arizona, or otherwise, or any federal agency has found them to be in violation of any state or federal statute. Of note, the above, 1-5, applies to all 20% or greater owners of an Arizona escrow agency.
- Applicants will need to file surety bond in the amount of $100,000 with the Arizona Department of Financial Institutions.
Once licensed, annual renewals are at $1000 per applicant, and $250 per branch location.
The application renewal date in Arizona is September 30th, and the renewal period without penalty is from August 15th through September 30th.
There is no “grace period” for renewals, and applicants will be assessed late fees if their renewal fees are received from October 1st through October 31st.
Arizona Escrow Agent Surety Bond: A Clarification
The $100,000 Arizona escrow agent/agency surety bond is not an insurance policy for escrow agents.
The surety bond is a guarantee, a legal and financial protection, which protects consumers and the state of Arizona from wrongful, illegal, or fraudulent acts which may be committed by an escrow agency in the course of their escrow agency business activities.
More correctly, then, the $100,000 escrow agency bond is a purchase by the escrow agency applicant for the benefit of others, namely, the consumer public.
Cost of the Arizona Escrow Agency Bond
Applicants for the escrow agency bond can rest assured that they will pay no where near $100,000 for the bond.
They will pay a much smaller percentage of the bond amount, likely between 1-5%.
The amount, particularly for those who have little to no prior history as an escrow agent will be determined by an applicant’s credit score.
“Running the Credit” for An Arizona Escrow Agency Bond
AmeriPro Surety Bonds offers a “soft pull” for escrow agency credit applications.
This means that when your credit is “run”, doing so will not have an adverse effect on your credit score.
AmeriPro Surety Bond’s pledge is to provide the best customer service, pricing, and surety bond experience for all of our customers.