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Escrow license bond
The escrow Licese bond is a law is imposed to protect the people of
California. It protects the members who invested their
money and other asset to the escrow agent of California.
This regulation has been framed by the California code
of regulation. In this escrow law escrow agent, joint
escrow agent and internet escrow agent are also subject
to the provisions. This escrow law requires the license.
The following person is excluded from the procurement
of license. They are building and loan or saving loan
association, insurance company, trust companies, and
banks.
An escrow agent should be the member of the Escrow
Agent Fidelity Corporation (EAFC). To be a member the
escrow agent should engage himself in the types specified
in the escrow law. If he is a real estate escrow agent
then he should engage in activities relating to sale,
lease, exchange or transfer of title.
Fidelity Bond
Each one has to apply with the department of fidelity
bond are not listed in the type. This fidelity bond
gives fidelity coverage to the officer, director, trustee
and the employee to indemnify the escrow agent for the
purpose of fraud or misappropriation. These bonds contain
deductible. If the escrow agent should have a surety
bond with the commissioner till the amount deductible.
The amount deductible from the fidelity bond will be
adjusted to the amount of the surety bond. This law
requires a manager to posses a five year minimum escrow
experience.
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