Nevada Escrow Agent / Agency Bond | AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety below describes some of the requirements involved to become a licensed Nevada escrow agency.
We also detail the bond requirements as this is crucial to obtaining your license.
Our goal here is to help you to get the specific bond you need as soon as possible.
AmeriPro Surety Bonds provides bonds for first-time escrow agencies and agencies existing agencies needing to renew their surety bond and who may be looking for better premium pricing.
Nevada Escrow Agencies: Regulatory Department
Escrow companies in Nevada are regulated by the Commissioner of the Division of Mortgage Lending of the Department of Business and Industry.
Their address, phone number and email are:
Division of Mortgage Lending
3300 West Sahara Avenue, Suite 285
Las Vegas, N 89102
Nevada Escrow Agencies: Definition
Nevada escrow agencies are defined as escrow companies which employ at least one escrow agent.
Becoming Licensed as a Nevada Escrow Agency or Agent
Applicants for a Nevada escrow agency or agent license will need to do all of the following:
- Fill out a Nevada escrow application
- Pay an application fee which is as follows:
- $700 for the main escrow location;
- $200 for each additional branch location;
- $125 for each escrow applicant;
- $25.00 for each escrow association;
- Authorize the Commissioner to obtain a credit report on the applicant from a consumer credit reporting agency;
- Provide the Commissioner with the authorization to conduct a background check from any state, or national body, as also a criminal check with the Federal Bureau of Investigations;
- Provide information to the Commissioner about any court proceedings in which the applicant is involved, whether the proceedings are civil or criminal, currently pending or in the past;
Nevada Escrow Agents: Pre-Licensing Course
Nevada escrow agents will need to have successfully participated in a 15-hour pre-licensing course prior to licensing.
Once completed, a certificate of completion will need to be provided to the Commissioner.
Nevada Escrow Agents: Child support payments
Nevada escrow agents — new or existing —will want to stay on top of any child support payment obligations.
Failure to do so can result in the denial of an escrow agent license, suspension of an existing license, or refusal by the Commissioner to renew an escrow agent license.
Term of the Nevada Escrow Agent License
Escrow agency licenses must be renewed by July 1st of each year. The Commissioner does not offer a “grace period” for the renewal of any license.
Nevada Escrow Agency Bond Requirements
Bond requirements for a Nevada escrow agency are determined by the Commissioner.
The amount of surety bond required will be based upon the average monthly balance of the trust account which an escrow agency establishes for holding fund deposits.
Once you are aware of this amount required, please inform AmeriPro Surety Bonds and we will work to provide you the best pricing on that amount.
Surety bond amounts for Nevada escrow agencies are between $20,000 and $250,000. They are determined as follows:
If the Average Monthly Balance: The Surety Bond Amount Required Is:
Up to $50,000 $20,000
$50,000 to $250,000 $50,000
>$250,000 but not more than $500,000 $100,000
>$500,000 but not more than $750,000 $150,000
>$750,000 but not more than $1mm $200,000
More than $1,000,000 $250,000
The surety bond is not a protection for the escrow agency.
Rather, this surety bond protects clients from and the Department from acts of fraud, criminal malfeasance, theft, or other illegal activities committed by the escrow agency in the execution of their duties.
The Cost of the Nevada Escrow Agency Bond
Applicants for the Nevada Escrow agency bond will, of course, only pay a small percentage of the face bond amount.
The amount paid, known as the premium, will be determined by two factors:
The face amount of the surety bond (for example, of course there is a price difference on a $20,000 or $50,000 surety bond);
The applicant’s credit score.
Applicant’s with good credit scores can expect to pay a small percentage of the face amount of this bond.
However, regardless of an applicant’s credit standing, our goal is to get our customers properly bonded.
And regardless of credit circumstances, we do work to provide all of our customers with the best pricing.
AmeriPro Surety Bonds
AmeriPro Surety Bonds provides escrow, other license & permit, contractor, and court bonds throughout Nevada.
As an agency which exclusively concentrates on surety bonding, we also provide surety bonds in all 50 states.