Bond Of Escrow Licensee (For Fidelity Bond Deductible) {DFPI-EL 303A}

DFPI-EL 303A - BOND OF ESCROW AGENT (FOR FIDELITY BOND DEDUCTIBLE). The form contains the approved format for the surety bond as required by Financial Code Section 17203.1 and Title 10, California Code of Regulations, Section 1723(C). This form must be completed and filed by an escrow agent who is applying for or currently holds a license to operate in California. The purpose of the surety bond is to protect the public and the Commissioner of Financial Protection and Innovation by ensuring compensation is available for losses not covered under the licensee's fidelity bond due to deductibles. The bond serves as a financial guarantee from a surety company that the escrow agent and their employees will faithfully perform their fiduciary duties and comply with escrow laws. To be valid, the original bond must include several critical elements: the surety company’s attorney-in-fact’s signature and notarization, a power of attorney from the surety, the legal name and signature of the licensee, and a notarial jurat for the licensee. The bond must state the total penal sum and outline the conditions under which claims may be made, including limitations on time and liability. It also sets procedures for cancellation, notification of legal actions or payments made under the bond, and affirms that the effective date and execution details are properly certified. In addition, the form includes a privacy notice explaining how the Department of Financial Protection and Innovation (DFPI) collects, uses, and may disclose personal information as permitted by law. www.FormsWorkflow.com