An escrow company receives funds to be held for deposit until a transaction --- usually the sale and purchase of a home --- is complete.
The escrow company serves as a neutral, disinterested party.
In Utah, an escrow company is licensed and falls under the jurisdiction of the Utah Insurance Department .
Though the information we provide below is geared to first-time escrow agents, AmeriPro Surety Bonds also provides the Utah escrow agent bond for those who are required to renew an existing escrow agency license.
The following are some of the requirements for a Utah escrow agent license:
* Completion of a new Utah escrow agency application along with a $100 registration fee. This fee is non-refundable;
* Applicants must provide an audited financial statement which is in accord with generally accepted account principles
* Providing the name of a registered agent;
* Providing the name of a bank account where the funds will be held in trust;
* Applicants will also be required to provide a criminal disclosure history form ;
* In addition, a Utah escrow agent will need to obtain a surety bond.
The Utah escrow agent bond amount required depend on the average monthly volume of an escrow agent’s / agency’s account.
Those who are new to the industry may wish to ask the Utah Department of Insurance which amount of surety bond they require.
Utah escrow agent bond amounts are as follows:
Average escrow liability Surety Bond amount required
The Utah escrow agent bond should be issued to run for the term of an escrow agent’s license.
There should be no lapse or gaps --- a time when one is licensed but without an active surety bond in place.
The premium for the Utah escrow agent bond will be determined by,
The amount of the surety bond required,
The applicant’s credit score.
AmeriPro Surety Bonds will work to provide you with the best available pricing for your escrow agency bond.
AmeriPro Surety Bonds is a surety bond-only agency which provides court, license and permit, and fiduciary surety bond throughout Utah.
We also provide surety bonds throughout the US. Our goal is efficiency, good customer service, and the best surety bond pricing for you.
Call us today and let’s work towards obtaining the Utah escrow agent bond.