AmeriPro Surety Bonds provides surety bonds for new and renewal Texas escrow agents alike.
Non-attorneys residents and nonresidents who wish to work as escrow agents are required to be licensed by the Texas Department of Insurance.
The same Department requires licensed escrow agents to maintain a surety bond in one of several amounts.
The Department of Insurance is also the obligee, that is, they are the agency which requires a surety bond to be active and on file as a prerequisite for licensing.
The surety bond’s legal provision is also found under Title 11, Subchapter D, Chapter 2652.
The amount of Texas escrow officer schedules bond required depends on where an applicant lives; or, it is in an amount determined by the Department of Insurance.
The amounts are as follows:
The purpose of requiring the surety bond is a financial guarantee to protect Texas consumers --- persons other than the escrow officer --- from wrongful, fraudulent, or otherwise criminal acts committed by an escrow officer in the discharge of their professional duties.
The premium required for both
may be as little as $100.00.
Applicants who are required to purchase a $50,000 surety bond may pay as little as $500.00
The cost for the surety bond may depend on a credit check, particularly for the $50,000 surety bond amount.
In all cases, AmeriPro Surety Bonds will work to find you the best surety bond licensing.
The purchased bond will be active for one year from the date designated by the purchaser (principal) as active.
Escrow agents in Texas will want to maintain a bond for as long as the escrow agent license is active, without any lapse in coverage.
The rules for Texas escrow agents licensing Chapter 4003 of the Insurance Code details when an escrow agent's license renews.
Applicants will want to be thoroughly familiar with licensing expiration and renewal requirements.
A person who wishes to become an escrow agent licensed in Texas, whether as a resident or nonresident of the state must:
Applicants who are unsure as to which surety bond they are required to purchase should call the Texas Department of Insurance at 512-676-6475 for further clarification.
Purchasing the required surety bond through AmeriPro Surety Bonds will be both quick and easy.
When you call us, our agent can take the application from you right over the phone.
Depending on when we speak with you, the process may be complete within an hour.
If we speak with you on a Saturday, the application and premium amount can be determined by the following business day.