Idaho Escrow Agent Bond Requirements
To obtain an Idaho escrow agent license, you need to get an escrow agent bond. It’s one of the indispensable requirements for launching such a business in the state.
Why Is This Bond Required?
The Idaho Department of Finances requires all escrow agents to post a surety bond. It serves as a protection mechanism for your clients.
If a party suffers damages due to illegal actions on your side, they can file a claim against the bond. This is how they can seek fair reimbursement. It can be up to the penal sum of the bond that you have provided.
You have to provide the bond in the official form included in the licensing application.
Do you need more information about the bonding process? Don’t miss our extensive ‘What is a surety bond’ guide.
Have more questions? You can speak with our bonding experts by calling us at 866.450.3412.
What’s the Cost of the Idaho Escrow Agent Bond?
You have to obtain a $20,000 bond as an escrow agent in Idaho.
To get bonded, you need to pay a fraction of this amount. It is called the bond premium. It depends on the strength of your personal and business finances.
Factors That Determine Your Bond Cost
When you apply with a surety, it examines your profile to determine the bonding risk. The lower it is, the smaller your bond cost would be.
Your personal credit score is the factor that has the biggest influence on your bond cost. If you can demonstrate a good credit score, you can expect rates in the range of 1%-3% of the required bond amount.
The rest of the factors that shape your premium include:
- Personal and business finances
- Fixed and liquid assets
- Professional experience
You can review our extensive surety bond cost guide for a complete overview of the price formation.
In the table below, you can see an estimate of your cost based on your credit score.
|Idaho Escrow Agent Bond Cost Based on Credit Score|
|Bond Type||Bond Amount||Credit Score|
|Above 700||650-699||600-649||Below 599|
|Idaho Escrow Agent Bond||$20,000||$200-$600||$200-$600||$200-$600||$600-$1,000|
Get Your Escrow Agent Bond
Want to get started with your bonding process? For a free quote on your Idaho escrow agent bond, just click on the banner below.
For further information, don’t hesitate to call us at 866.450.3412.
Bryant Surety Bonds is licensed to issue escrow agent bonds in all 50 states. We can assist you to get bonded as an escrow agent anywhere in the country!