Purpose
Every title insurance agent and direct operation shall procure a bond approved by the State Board of Insurance for its escrow officers. The bond is in an amount to be determined by multiplying the number of escrow officers by $5,000, but not exceeding $50,000. In lieu of such bond, cash or irrevocable letters of credit in multiples of $5,000 per escrow officer, but not exceeding $50,000 may be deposited with the board. If a loss is suffered, the Board shall notify the Attorney General, who shall investigate and enforce the liability for the benefit of all parties who have suffered any loss covered by the bond or deposit.
| Classification | Group 08: Trust Funds [?] |
|---|---|
| Depository Interest | Retained in appropriated fund. |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated for state expenditure. |
Administering Agencies
Financial Activity
To view this appropriated fund's current revenue and expenditure activity by agency or comptroller object code, visit the following links:
Note
USAS Values
| USAS Title | INSURANCE ESCROW OFFICERS SECURITY TR FD |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |
Those funds created to account for assets held by the state in a trustee capacity for individuals, private organizations or other governmental entities