Utah § 7-22-105 - Bond required.

Full text of Utah Utah Code § 7-22-105 — Bond required., with citation guidance and answers to common questions.

§ 7-22-105. Bond required.

7-22-105.  Bond required.
(1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule:
Monthly AverageMinimum
Escrow LiabilitySurety Bond
Up to $10,000$10,000
$10,001 to 20,000$20,000
$20,001 to 30,000$30,000
$30,001 to 40,000$40,000
Above $40,000$50,000
(2) The surety bond shall name as beneficiaries:
(a) this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and
(b) when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent.
(3) The total aggregate liability on the bond from all claims including legal fees and other costs incurred in connection with the bond may not exceed the amount of the bond.
(4) An applicant for registration as an escrow agent may, in lieu of and subject to the same surety conditions described in Subsection (2), deposit assets with or provide a letter of credit to the commissioner in the amount of the minimum surety bond required in Subsection (1).


Amended by Chapter 182, 1996 General Session

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Frequently Asked Questions About Utah § 7-22-105

What does Utah Code § 7-22-105 cover?

Section 7-22-105 ("Bond required.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 7-22-105?

A common citation format is "Utah Code § 7-22-105" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 7-22-105 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.