Higher Standards – The stringent requirements by Department of Corporations assure that every licensed escrow company has met the highest standards of the industry. Consumer protection regulations unique to licensed escrow companies include:
-A Certification Program for all escrow officers in the company’s employ, including fingerprinting and background checks by Department of Justice.
-Financial stability requirement, including at a minimum one CPA audit a year; and, frequent surprise examinations conducted by Department of Corporations.
-Prohibiting employment of convicted felons or anyone who has been disbarred from real estate industry.
-Membership with the Escrow Agents Fidelity Corporation which provides a $5 million fidelity bond.