A surety bond is a binding legal agreement between three parties: the principal (bond holder), the customer/obligee (person, state, or entity requiring the bond), and the surety (bonding company). The surety bond is a guarantee by the surety company to reimburse a party a monetary amount (no greater than the bond limit) if the principal fails to meet their legal obligation. The surety bond is in place to protect the consumer or obligee against losses resulting from the principal’s failure to meet their contractual or legal obligation.
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Effective July 1, 2016, California Assembly Bill 704 requires California Underwritten title companies that engage in escrow business or acts as escrow agents must now post a California Underwritten Title Company Bond or a cash deposit.