Effective 7/1/2020 7-22-101. Definitions — Exemptions. (1) As used in this chapter: (a) “Escrow” means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, […]
7-22-102. Authorization required. Without prior authorization by the department, no person may perform escrow services, offer to perform escrow services, advertise that it performs escrow services, use the word “escrow” in a business name, or do any other thing that might reasonably cause anyone to believe that the person performs escrow services. Enacted by Chapter […]
Effective 5/12/2015 7-22-103. Registration — Fees — Qualifications — Rulemaking. (1) (a) An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100. (b) Registration of an escrow agent in accordance with this section includes all directors, officers, employees, and representatives of […]
7-22-104. Net worth requirements. An escrow agent shall at all times maintain a positive net worth no less than the greater of $50,000 or 10% of the agent’s average daily escrow liabilities during the preceding 12 months, or during all preceding operations if less than 12 months. For purposes of this section, net worth shall […]
7-22-105. Bond required. (1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule: Monthly AverageMinimum Escrow LiabilitySurety 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 (2) The surety bond shall name as beneficiaries: (a) this […]
7-22-106. Accounts to be maintained — Records open to inspection — Retention of records. (1) Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent’s financial condition, what duties and responsibilities the escrow agent has undertaken to perform and whether […]
7-22-107. Examinations. The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incident to an examination in accordance with Section 7-1-401. Enacted by Chapter 133, […]
7-22-108. Segregation of accounts — Duties specified by agreement — Duties generally. (1) Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from […]
7-22-109. Priority of claims in case of insolvency. If the commissioner takes possession of the business and property of the escrow agent in accordance with Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is […]
