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How do I start an escrow company in California?

Any person who desires to engage in business as an escrow agent in California must be a corporation organized for that purpose. In addition, there are several criteria which must be met:

  1. you must have a $50,000 tangible net worth and $25,000 in liquid assets,
  2. you must obtain a surety bond of at least $25,000
  3. the manager of the company must have at least 5 years experience of responsible escrow experience,
  4. you must be a member of Escrow Agents Fidelity corporation and pay them an initial member ship fee of $3,000,
  5. all officers, directors, stockholders, managers, and employees will be required to file fingerprints with the initial application, and
  6. you must pay a filing fee of $625 and an investigation fee of $100.

Real estate brokers, banks, savings and loan institutions, attorneys and title insurance companies are exempt from licensure.

Persons licensed by the Department of Corporations as an escrow agent are subject to the provisions of the Escrow Law (Division 6 of the California Financial Code (FC) and the Escrow Regulations (Title 10, Chapter 3, Subchapter 9 of the California Code of Regulations (CCR). Copies of the California Financial Code may be purchased from Barclays Law Publishers, 400 Oyster Point Blvd., South San Francisco, CA 94080.

TIP
The Department conducts an Escrow Management Training class for new owners and managers. Applications may be obtained by calling the Los Angeles office of the Department of Corporations at (213) 576-7690. All completed applications and the applicable fees should be forwarded to the Los Angeles Office at 320 West 4th Street, Suite 750, Los Angeles, CA 90013-1105. On the Internet: www.corp.ca.gov/pub/escrow.htm.

Copyright © 2000, 2004, 2006 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.

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