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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-22-105

Escrow agents must file a surety bond with the commissioner before providing escrow services, with the bond amount set by the agent’s average escrow liability.

Source excerpt

escrow servicesregistrationsurety bondsurety bonds
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“Escrow agents must file a surety bond with the commissioner before providing escrow services, with the bond amount set by the agent’s average escrow liability.”

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Bond required.

Escrow agents must file a surety bond with the commissioner before providing escrow services, with the bond amount set by the agent’s average escrow liability.

Section 7-22-105

Subsection 7-22-105(2)

The surety bond must name the state as a beneficiary for certain escrow-agent insolvency or default costs, and it must also name other claimants after the state’s claims are fully paid.

Section 7-22-105(2)

Subsection 7-22-105(2)(a)

this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and

Section 7-22-105(2)(a)

Subsection 7-22-105(3)

The total claims liability on the bond, including legal fees and other costs connected to the bond, cannot exceed the bond amount.

Section 7-22-105(3)

Subsection 7-22-105(4)

An escrow-agent registration applicant may, instead of meeting the usual surety arrangement, deposit assets or give a letter of credit to the commissioner for the required bond amount, subject to the same surety conditions.

Section 7-22-105(4)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 7 of 7 provisions

Provision 7
§ 7-22-105Bond required.Provision

Source excerpt

Escrow agents must file a surety bond with the commissioner before providing escrow services, with the bond amount set by the agent’s average escrow liability.

Bond required. Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule: Monthly Average Minimum Escrow Liability Surety Bond Up to $10,000 $10,000 $10,001 to 20,000 $20,000 $20,001 to 30,000 $30,000 $30,001 to 40,000 $40,000 Above $40,000 $50,000 The surety bond shall name as beneficiaries: this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent. The total aggregate liability on the bond from all claims including legal fees and other costs incurred in connection with the bond may not exceed the amount of the bond. An applicant for registration as an escrow agent may, in lieu of and subject to the same surety conditions described in Subsection (2) , deposit assets with or provide a letter of credit to the commissioner in the amount of the minimum surety bond required in Subsection (1) .
Section 7-22-105Verify source
§ 7-22-105(1)Subsection 7-22-105(1)Provision

Source excerpt

Before providing escrow services, an escrow agent must file a surety bond with the commissioner.

Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule: Monthly Average Minimum Escrow Liability Surety Bond Up to $10,000 $10,000 $10,001 to 20,000 $20,000 $20,001 to 30,000 $30,000 $30,001 to 40,000 $40,000 Above $40,000 $50,000
Section 7-22-105(1)Verify source
§ 7-22-105(2)Subsection 7-22-105(2)Provision

Source excerpt

The surety bond must name the state as a beneficiary for certain escrow-agent insolvency or default costs, and it must also name other claimants after the state’s claims are fully paid.

The surety bond shall name as beneficiaries: this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent.
Section 7-22-105(2)Verify source
§ 7-22-105(2)(a)Subsection 7-22-105(2)(a)Provision

Source excerpt

this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and

this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and
Section 7-22-105(2)(a)Verify source
§ 7-22-105(2)(b)Subsection 7-22-105(2)(b)Provision

Source excerpt

After the state’s claims and charges are paid in full, a person may have a claim against the surety on the bond for a default or violation of the escrow agent’s duties or obligations.

when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent.
Section 7-22-105(2)(b)Verify source
§ 7-22-105(3)Subsection 7-22-105(3)Provision

Source excerpt

The total claims liability on the bond, including legal fees and other costs connected to the bond, cannot exceed the bond amount.

The total aggregate liability on the bond from all claims including legal fees and other costs incurred in connection with the bond may not exceed the amount of the bond.
Section 7-22-105(3)Verify source
§ 7-22-105(4)Subsection 7-22-105(4)Provision

Source excerpt

An escrow-agent registration applicant may, instead of meeting the usual surety arrangement, deposit assets or give a letter of credit to the commissioner for the required bond amount, subject to the same surety conditions.

An applicant for registration as an escrow agent may, in lieu of and subject to the same surety conditions described in Subsection (2) , deposit assets with or provide a letter of credit to the commissioner in the amount of the minimum surety bond required in Subsection (1) .
Section 7-22-105(4)Verify source

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