The Nevada Escrow Agency/Agent Bond is a type of surety bond required by the Nevada Department of Business and Industry. The bond guarantees that the bondholder, or Principal, will comply with chapter 645A of the NRS, and will pay all damages done to any person as a result of the bond holder’s failure to follow these laws. The amount of the bond is based on the expected average monthly balance of its trust or escrow account:
AVERAGE MONTHLY BALANCE AMOUNT OF BOND OR SECURITY REQUIRED
$50,000 or less $20,000.00
More than $50,000 but not more than $250,000 $50,000.00
More than $250,000 but not more than $500,000 $100,000.00
More than $500,000 but not more than $750,000 $150,000.00
More than $750,000 but not more than $1,000,000 $200,000.00
More than $1,000,000 $250,000.00
The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms
How to Get a Nevada Escrow Agency/Agent Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Escrow Agency/Agent Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating by the Better Business Bureau.
Nevada Escrow Agency/Agent License Requirements
Escrow Agency Principal Location License $700.00
Escrow Agency Branch Location License $200.00 per branch location Escrow Agent $125.00
Adding Association for an Escrow Agent $25.00 per escrow agent
- Financial Statement
- Formation documents – Articles of Incorporation, Articles of Organization and Operating Agreement, Partnership Agreement, Certificate of Good Standing
- Copy of Applicant’s fictitious name filing, if applicable
- Copy of the Applicant’s lease for the principal location and also the branch locations, if applicable.
- Copy of local business license, if applicable
- Individual form for each control person
- Fingerprint card for each control person
- Designation of a qualified employee for the principal and branch location
- Nevada Escrow Agency/Agent Bond