A California bond of escrow licensee is one statutory requirement of licensing of escrow finance professionals. Per the Department of Financial Protection and Innovation, "The Escrow Law (Div. 6, Section 17000) protects consumers who entrust their money or other assets to independent escrow agents in California. Escrow agents, joint control agents and Internet escrow agents are subject to the provisions of the prevailing statute." An 'escrow agent' is any person engaged in the business in which the agent holds documents of ownership of either real or personal property for a buyer and seller, transferring title of that property to the buyer and delivering to the seller his or her funds.
Pursuant to CHAPTER 2 [17202. (a)], "At the time of filing an application for an escrow agent’s license, the applicant must file with the Commissioner an escrow licensee bond satisfactory to the commissioner in one of the following amounts:
The surety bond must run to the State of California to indemnify the State or any person who has cause against the escrow agent, specifically, "any person who sustains an injury caused by the escrow agent may in addition to any other remedy that he or she may have, bring an action in his or her own name against the California escrow agent bond for the recovery of any damages sustained by him or her." Questions about regulation and application may be directed to:
Department of Financial Protection and Innovation
Financial Services Division, Escrow Law
320 West 4th Street, Suite 750
Los Angeles, CA 90013-2344
Phone: (213) 576-7500
Fax: (213) 576-7178
*NOTE: Escrow agents are generally required to carry a commercial crime policy or fidelity bond. The fidelity bond may not contain a retention provision therefore a surety bond for fidelity bond deductible will likely be needed. Learn more here.
California surety bond leader, SuretyOne.com is a specialist in the bonding needs of escrow professionals. We offer both the surety and fidelity bonds needed by escrow agents nationally, in Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A California bond of an escrow licensee is quick, easy and issued same-day.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.