Form DBO-EL303 "Bond of Escrow Licensee (Financial Code Section 17202)" - California

What Is Form DBO-EL303?

This is a legal form that was released by the California Department of Financial Protection and Innovation - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on May 1, 2017;
  • The latest edition provided by the California Department of Financial Protection and Innovation;
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Download a fillable version of Form DBO-EL303 by clicking the link below or browse more documents and templates provided by the California Department of Financial Protection and Innovation.

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Download Form DBO-EL303 "Bond of Escrow Licensee (Financial Code Section 17202)" - California

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STATE OF CALIFORNIA –DEPARTMENT OF BUSINESS OVERSIGHT
BOND OF ESCROW LICENSEE
DBO-EL 303 (Rev. 5-17)
BOND OF ESCROW LICENSEE
(Financial Code Section 17202)
Bond No.
KNOW ALL MEN BY THESE PRESENTS:
That we
, as Principal, whose
address for service is
,
(Street Address, City, State and Zip Code)
AND
, a corporation, created, organized and existing under and by
virtue of the laws of the State of
and an admitted surety insurer authorized to
transact a general surety business in the State of California, as Surety, whose address for service
is
,
(Street Address, City, State and Zip Code)
are held and firmly bound unto the Commissioner of Business Oversight of the State of California, as Obligee, for
the use thereof and for the use of any person or persons who may have a cause of action against the Principal
under the provisions of the Escrow Law and all acts amendatory thereof and supplementary thereto now and
hereafter enacted, in the total aggregate penal sum of
Dollars ($
), (see
Financial Code Section 17202) lawful money of the United States of America, to be paid to the Commissioner of
Business Oversight of the State of California, or to any person or persons, for the use and benefit aforesaid, for
which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and
assigns, jointly and severally, firmly by these presents.
The condition of the above obligation is such that:
WHEREAS, The above-named Principal has made application to the Commissioner of Business Oversight
of the State of California for a license to engage in business under and pursuant to the provisions of the Escrow
Law, and is required under the provisions of the Escrow Law to furnish a bond in the sum above named,
conditioned as herein set forth:
NOW, THEREFORE, The Principal, and any and all agents and employees representing the Principal,
shall faithfully conform to and abide by the provisions of the Escrow Law and all acts amendatory thereof and
supplementary thereto now and hereafter enacted, and of all rules and regulations lawfully made by the
Commissioner of Business Oversight of the State of California under the Escrow Law and shall honestly and
faithfully apply all funds received and perform all obligations and undertakings under the Escrow Law, and shall
pay to the Commissioner of Business Oversight of the State of California and to any person or persons, for the use
and benefit aforesaid, any and all moneys which become due and owing to the State or to any such person
or persons from the Principal under and by virtue of the provisions of the Escrow Law, including the costs in any
conservatorship, or liquidation, whether such costs are incurred by the Commissioner of Business Oversight of the
State of California or by a receiver.
This bond is subject to the following provisions:
1. That any person who sustains an injury covered by this bond may, in addition to any other remedy that
he or she may have, bring an action in his or her own name upon this bond for the recovery of
any damages sustained by him or her; provided, however, that no such action may be brought after
the expiration of two years from and after the act or default complained of.
STATE OF CALIFORNIA –DEPARTMENT OF BUSINESS OVERSIGHT
BOND OF ESCROW LICENSEE
DBO-EL 303 (Rev. 5-17)
BOND OF ESCROW LICENSEE
(Financial Code Section 17202)
Bond No.
KNOW ALL MEN BY THESE PRESENTS:
That we
, as Principal, whose
address for service is
,
(Street Address, City, State and Zip Code)
AND
, a corporation, created, organized and existing under and by
virtue of the laws of the State of
and an admitted surety insurer authorized to
transact a general surety business in the State of California, as Surety, whose address for service
is
,
(Street Address, City, State and Zip Code)
are held and firmly bound unto the Commissioner of Business Oversight of the State of California, as Obligee, for
the use thereof and for the use of any person or persons who may have a cause of action against the Principal
under the provisions of the Escrow Law and all acts amendatory thereof and supplementary thereto now and
hereafter enacted, in the total aggregate penal sum of
Dollars ($
), (see
Financial Code Section 17202) lawful money of the United States of America, to be paid to the Commissioner of
Business Oversight of the State of California, or to any person or persons, for the use and benefit aforesaid, for
which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and
assigns, jointly and severally, firmly by these presents.
The condition of the above obligation is such that:
WHEREAS, The above-named Principal has made application to the Commissioner of Business Oversight
of the State of California for a license to engage in business under and pursuant to the provisions of the Escrow
Law, and is required under the provisions of the Escrow Law to furnish a bond in the sum above named,
conditioned as herein set forth:
NOW, THEREFORE, The Principal, and any and all agents and employees representing the Principal,
shall faithfully conform to and abide by the provisions of the Escrow Law and all acts amendatory thereof and
supplementary thereto now and hereafter enacted, and of all rules and regulations lawfully made by the
Commissioner of Business Oversight of the State of California under the Escrow Law and shall honestly and
faithfully apply all funds received and perform all obligations and undertakings under the Escrow Law, and shall
pay to the Commissioner of Business Oversight of the State of California and to any person or persons, for the use
and benefit aforesaid, any and all moneys which become due and owing to the State or to any such person
or persons from the Principal under and by virtue of the provisions of the Escrow Law, including the costs in any
conservatorship, or liquidation, whether such costs are incurred by the Commissioner of Business Oversight of the
State of California or by a receiver.
This bond is subject to the following provisions:
1. That any person who sustains an injury covered by this bond may, in addition to any other remedy that
he or she may have, bring an action in his or her own name upon this bond for the recovery of
any damages sustained by him or her; provided, however, that no such action may be brought after
the expiration of two years from and after the act or default complained of.
STATE OF CALIFORNIA –DEPARTMENT OF BUSINESS OVERSIGHT
BOND OF ESCROW LICENSEE
DBO-EL 303 (Rev. 5-17) Page 2 of 3
2.
That the total aggregate liability of the Surety or Sureties herein shall be limited to the payment of
_________________________ Dollars ($
) (insert amount of the bond).
3. This bond may be cancelled by the Surety in accordance with the provisions of Sections 996.320 and
996.330 of the Code of Civil Procedure of the State of California.
However, the bond shall not be
cancelled, withdrawn or not renewed by the Surety in whole or in part until 30 days after written notice is
received by the Commissioner of Business Oversight. At the same time, the Surety shall mail or deliver a
copy of the notice of cancellation, withdrawal or non-renewal to the Escrow Agents’ Fidelity
Corporation.
Failure to provide the Escrow Agents’ Fidelity Corporation said notice shall not render
cancellations ineffective. For purposes of this bond, a Surety shall send notice to both the Department of
Business Oversight and the Escrow Agents’ Fidelity Corporation 30 days prior to a bond cancellation that
results from a court order for release or substitution of the bond or upon filing a request for such actions in
court.
4. That, in the event either the Principal and/or the Surety under this bond are served with notice of any
action commenced against the Principal or the Surety under the bond, the Principal and Surety as each
is served with notice of action shall respectively and immediately give written notice of the filing of such
action to the Commissioner of Business Oversight of the State of California, at the Los Angeles office of
the Department of Business Oversight. At the same time, the Surety shall mail or deliver a copy of the
notice of action to the Escrow Agents’ Fidelity Corporation.
5. That, in the event the Surety under this bond receives a claim or makes full or partial payment on this
bond the Surety shall immediately give written notice of such claim or full or partial payment to the
Commissioner of Business Oversight of the State of California, at the Los Angeles office of the
Department of Business Oversight. At the same time, the Surety shall mail or deliver a copy of the notice
of a claim or payment to the Escrow Agents’ Fidelity Corporation.
6. That the effective date of this bond shall be
.
Signature of Principal
Type or Print Name of Principal
Executed at (City and State)
I certify (or declare) under penalty of perjury under the laws of the State of California that I have executed
the foregoing bond under an unrevoked power of attorney.
Executed in
on
(City and State)
(Date)
Signature of Attorney-in-Fact for Surety
Print or type name of Attorney-in-Fact for Surety
ALL OF THE ABOVE SIGNATURES MUST BE NOTARIZED
STATE OF CALIFORNIA –DEPARTMENT OF BUSINESS OVERSIGHT
BOND OF ESCROW LICENSEE
DBO-EL 303 (Rev. 5-17) Page 3 of 3
INSTRUCTIONS FOR COMPLETION OF SURETY BOND FORM
This form must be used to satisfy the surety bond requirement in Financial Code Section 17202.
The original surety bond must be filed and must include all of the following:
1.
The signature of the attorney-in-fact for the surety company.
2.
A notarial jurat for the attorney-in-fact.
3.
A power of attorney from the surety company.
4.
Legal name of the licensee. Business name(s), if applicable, may also be included.
5.
The signature of the licensee.
6.
The notarial jurat for the signature of the licensee.
DBO’s Privacy Notice on Collection
DBO Collects and Uses Personal Information: The DBO collects the information requested on this form as
authorized by the California Financial Code section 17203.1 and the California Code of Regulations section 1723 (c).
The DBO uses this information to demonstrate that the applicant is in compliance with the fidelity bonding
requirements. Use of the personal Information DBO collects is subject to limitations contained in the Information
Practices Act of 1977 and other applicable state and federal laws.
Providing Personal Information Is Voluntary: You do not have to provide the personal information requested. If
you do not want to provide personal information, such as your name, home address or home telephone number, you
may remain anonymous. However, we may not be able to contact you or help resolve your issue. When providing
information or documents, please do not include unrequested personal information such as a Social Security number,
driver’s license number, or financial information.
DBO May Disclose Your Personal Information: We may share your personal information with other federal, state
or local law enforcement agencies or a self-regulatory organization as authorized by law. Your personal information
may also be disclosed:
In response to a Public Records Act request, as allowed by the Information Practices Act.
To another governmental agency as required by state or federal law.
In response to a court order or administrative order, a subpoena or a search warrant.
Your Access to Your Personal Information: You may review the records maintained by DBO that contain your
personal information. To request access, contact: DBO Privacy Officer, 1515 K Street, Sacramento, CA 95814,
(866) 275-2677.
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