Utah § 7-22-105 Bond required.

Utah Statutes

§ 7-22-105 — Bond required.

Utah § 7-22-105

Title 7Financial Institutions Act

Ch. 7-22Regulation of Independent Escrow Agents

This text of Utah § 7-22-105 (Bond required.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 7-22-105 (2026).

Text

(1)Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule:Monthly AverageMinimumEscrow LiabilitySurety BondUp to $10,000$10,000$10,001 to 20,000$20,000$20,001 to 30,000$30,000$30,001 to 40,000$40,000Above $40,000$50,000

(2)The surety bond shall name as beneficiaries:

(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

(2)(b) 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.

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(1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule:Monthly AverageMinimumEscrow LiabilitySurety BondUp to $10,000$10,000$10,001 to 20,000$20,000$20,001 to 30,000$30,000$30,001 to 40,000$40,000Above $40,000$50,000
(2) The surety bond shall name as beneficiaries:

(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
(2)(b) 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.
(3) 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.
(4) 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).