Final Escrow Bond Received from CA Department of Insurance
Thursday, April 28, 2016
The escrow bond required by AB 704 has now been finalized by the California Department of Insurance and can be found here: Bond of Underwritten Title Company (Word/editable version, must be downloaded).
You should consult with a surety/E&O provider for the bond. A list of companies interested in providing the bond can be found here: Potential Agents/Carriers for Escrow Bonds under AB 704.
AB 704 Fact Sheet - Revised
Also CLTA has revised the Fact Sheet on the “transaction fees” that a UTC will face when seeking reimbursement of the old escrow deposits of $7,500 and posting new bonds or depositing cash for the new statewide escrow authority provided via AB 704. The revision to the Fact Sheet consists of 1) A link to the actual Bond and 2) an updated link to the list of providers (additional providers have recently been added to the list, see link in above section.) The Fact Sheet can be found here: AB 704 Title Industry Fact Sheet.