Because of the SAFE Mortgage Licensing Act, any person who is holding escrow as a third party with the intent to complete a transaction of property after a specific event has occured is required to have an Escrow License.
This most often occurs in the case of a home purchase; when a home is to be inspected or a similar requirement is expected before the sale takes place and the purchaser entrusts an escrow agent with the funds for the purchase to be delivered to the seller after the inspection takes place.
If you are looking to become an escrow agent in Nevada, you will first need to get a Nevada Escrow Agent License.
How to get a Nevada Escrow Agent License
Step #1: Complete License Application
If applying for an initial escrow agent license, complete the Escrow Agent Application and Control Person Individual Form.
If applying for an initial escrow agency license for a principal location and branch location or adding a location to an existing license, use the Escrow Agency Application Company Form.
Step #2: Submit Written Consent
Include with your application written consent authorizing the Commissioner to conduct a background investigation, and if applicable, to obtain:
- An independent credit report from a consumer reporting agency
- A criminal history report from the Federal Bureau of Investigation
- Information related to any administrative, civil, or criminal proceedings
Step #3: Complete 15 Hours of Instruction
If applying for initial license as escrow agent, you must complete at least 15 hours of instruction.
A certificate of completion must be presented with your application.
Step #4: Purchase Surety Bond in amount of $20,000
A Nevada Escrow Agent Bond is a type of license and permit surety bond required by a state agency or agent for licensure pertaining to escrow activities.
Escrow Bonds protect your clients in case you provide poor advice, make an incorrect or unethical decision, or make in error in your client’s information. If your client suffers financial hardship because of your error, they can make a claim against your surety bond.
Step #5: Last Requirements
All requirements are listed on the license applications.
Instructions for each application:
Step #6: Pay Licensing Fees
Licensing fees are listed on the Licensing Fee Schedule.
Step #7: Submit
Submit your license application, paperwork, original bond, and fees to the address below:
Division of Mortgage Licensing
1830 College Parkway, Suite 100
Carson City, NV 89706
License Expiration and Renewal
Nevada Escrow Agent and Agency Licenses expire on July 1 of each year.
To renew a license, you must complete a renewal application, complete continued education, pay the annual renewal fee, and submit.
- Application for Renewal of Escrow Agency License
- Application for Renewal of Escrow Agent License
- Escrow Agency Renewal General Instructions and Checklist
Questions? View the Nevada Escrow Agent and Agencies FAQ