Idaho Escrow Agency Bond
AmeriPro Surety Bonds | 844-589-9732
Idaho – Escrow Agencies
Idaho escrow agencies which are required to furnish evidence of a surety bond must do so according to the average balance at the end of the month for trust accounts during the preceding calendar. This is in accord with the Idaho Escrow Act.
If the average month-end balance is:
- $50,000 or less, the surety bond amount required is – $20,000 surety bond;
- If the amount is more than $50,000 but not more than $250,000 – $50,000 surety bond is required;
- $250,000 – $500,000 – $100,000 surety bond;
- More than $500,000 but not more than $750,000 – $150,000 surety bond;
- More than $750,000 but not more than $1mm – $200,000 surety bond;
- Above $1mm, a $250,000 surety bond is required.
Qualifying and the Premium
Qualifying for the Idaho escrow agency license bond is by means of an application and a credit review.
However, there are two exceptions: For the $20,000 and $50,000 surety bond amounts, your escrow agency surety bond is issued to you immediately without a credit review after an application.
The premiums for these two amounts are $100, and $250 respectively.
For all other surety amounts (i.e. $100,000 – $250,000) an application will need to be completed, signed, and witnessed. There will also be a review by an underwriter which includes a credit inquiry.
To be approved, good credit will be required. The annual premium is ½ of 1%. The breakdowns of premium amounts are as follows:
- $100,000 surety bond – $500 premium;
- $150,000 surety bond – $750 premium;
- $200,000 surety bond – $1000 premium;
- $250,000 surety bond – $1250 premium.
Once your application is approved and the premium is paid, the bond is issued to you immediately. Your original surety bond, signed by our agency as Suretym will be sent to you along with the Power of Attorney (POA) form. You will sign your bond as Principal and file it along with the POA form to:
State of Idaho
Department of Finance, Securities Bureau
P.O. Box 83720
Boise, ID 83720-0031
Purpose of Your Surety Bond
The Idaho escrow agency bond is a financial guarantee of your compliance with the Idaho Escrow Act and is a guarantee for your clients that damages can be paid if any violation of said Act occurs.
AmeriPro Surety Bonds provides escrow agency surety bonds nationwide. We are also a provider of license and permit surety bonds in all 50 states.
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