32-7-109. Application for license -- bond -- issuance. (1) A person must be licensed pursuant to this part before engaging in an escrow business.
     (2) To obtain a license, an applicant shall file with the director an application for an escrow business license. The application must be in writing, verified by oath, and in the form prescribed by the director. The application must set forth:
     (a) the location of the applicant's principal office and all branch offices in this state;
     (b) the name and form under which the applicant plans to conduct business;
     (c) the general plan and character of the business;
     (d) the names, residences, and business addresses of any principals, partners, officers, trustees, and directors, specifying as to each the respective capacity and title;
     (e) the experience and qualifications of the persons proposed to act as officers and managers;
     (f) the length of time the applicant has been engaged in the escrow business; and
     (g) any other relevant information the director requires.
     (3) An applicant shall file with the license application a bond in an amount to be set by the department by rule. The bond must be conditioned on the applicant conducting the escrow business in accordance with the requirements of law. All bonds must be filed with the department, approved by the department, and renewed annually.
     (4) The director shall grant and issue an escrow business license if:
     (a) the director has received the bond and application specified in this section; and
     (b) the applicant has complied with all the requirements of this part and any rules promulgated under it.
     (5) An escrow business shall immediately notify the department of any material change in the information contained in the application.

     History: En. Sec. 6, Ch. 651, L. 1989; amd. Sec. 1, Ch. 65, L. 2003.