Idaho Escrow Agency
An escrow agency is defined as any person engaged in the business of accepting or receiving escrows for deposit or delivery by any means, including over the internet, or by other electronic means.
Unless exempt from Idaho escrow licensing requirements, an escrow agency doing business in Idaho is required to be licensed with The Idaho Department of Finance and in compliance with the Idaho Escrow Act Chapter 9, Title 30, Idaho Code.
The following provides basic licensing information as detailed in the Idaho Escrow Act:
- Every escrow agency licensed shall maintain a home office as its principal location for the transaction of escrow business.
- On application, additional branch licenses to the same escrow agency licensee will be issued upon compliance with all the provisions governing the issuance of a single escrow agency license.
- Exempt entities include, but may not be limited to: certain financial institutions; licensed title insurance companies; a court appointed receiver, trustee, executor, administrator or guardian and governmental agencies. Under specific conditions, licensed attorneys, accountants, real estate agents, regulated lenders, mortgage brokers and lenders, and mortgage companies may be exempt from licensing requirements. Note that the burden of proving an exemption from the requirements of the Idaho Escrow Act is upon the person claiming the exemption.
A brief summary of licensee qualifications include:
- A $350.00 application fee.
- A completed application package.
- The individual in charge of each office must have a minimum of three years of supervisory experience in relation to an escrow business.
A summary of licensee renewal requirements include:
- File a renewal form on or before April 30.
- Submit a renewal fee of $150.00.
- Submit a statement of financial condition as of the preceding December 31.
- Submit a status of escrow transactions as of the preceding December 31.