California Escrow Agents are regulated by the California Department of Business Oversight.
There are quite a number of stringent criteria required to become a licensed CA escrow agent. It is also important to note that escrow agencies which operate via internet access outside of California but which conduct business in California are not exempt from these requirements.
For any California escrow agency bond up to $50,000, our agency issues the bond to you immediately after an application, and with no credit check. The application can be taken from you directly over the phone; no signature is need.
Here are the breakdowns by surety amount and premiums:
For any surety bond requirement greater than $50,000, in addition to the completed surety bond application --- which in this case will also need to be signed by you --- there is also an underwriter review, which includes a credit check inquiry.
Good credit will be required to be approved.
To give you an idea on our premium rates, a $125,000 surety bond will have an annual premium of just $625.
Rather than pay your premium annually, our agency also offers you the option -- regardless of the surety bond amount required --- to prepay your premium up to 3 years. Prepayment of the premium benefits you in two ways. The first is that it lengthens the time between renewals; the second is that it offers you a savings over year to year renewal of the premium.
While we offer premium prepayment options across all amounts required, below we'll show you one on the lower end and one the higher end.
---$50,000 surety bond amount ---
---$125,000 surety bond---
(Some of these are the requirements to open an escrow agency, not to work as an escrow agent)
The application fee..
Each office has an initial application fee of $625, followed by $425 for each additional office. There is also a $100 investigation fee for every location. Application fees are non-refundable.
Depending on the nature of business conducted, an escrow agent may be required to be a member of the Escrow Agents Fidelity Corporation (EAFC).
A background check:
All employees of an escrow agency, including stockholders, officers, directors, and managers, and escrow agents must submit to a background check. The background check will be conducted by the Department of Justice (DOJ). All employees of an escrow agency must have their fingerprints on filed with the agency.
The fee for clearance is $10. This does not include fees charged by the DOJ or live scan operator.
Besides these requirements, there are others as well which can be found by visiting the Department's website.
The California escrow agency bond is a financial guarantee that ensures that all funds received will be properly accounted for, and that all professional activities will conducted in accordance with California state law.
The bond protects others from the wrongful actions of an escrow agency --- if that were to occur. Therefore, your escrow agency bond should not be seen as "insurance" for an escrow agency.
Wording on the surety bond goes into greater details as to the extent of your obligations as a Principal, and our obligations and duties as Surety.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide escrow agency bonds nationwide. Our agency is also a provide of license and permit bonds in all 50 states.
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