As of July 1, 2016, Bond of Underwritten Title Company changes from a cash deposit of $7,500 per county to a Surety Bond or Deposit amount of $50,000 or $100,000
California Assembly Bill 704 effects several changes that effect Underwritten Title Companies (UTCs). Current law requires a $7,500 cash deposit per county be deposited with the state Treasurer. As of July 1, 2016, financial security in the form of a surety bond of underwritten title company (UTC) or a cash deposit of $100,000 or $50,000. The amount of the bond depends on the aggregate number of documents filed in the previous calendar year in the counties where the UTC is licensed. The department of insurance will dictation what bond amount will be required. Posting a surety bond relives the UTC of having to deposit cash or securities with the State.
The California Land Title Association has more information concerning AB704. The UTC Surety Bond runs to the California Department of Insurance.
How to Get Your BOND OF UNDERWRITTEN TITLE COMPANY
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.