escrow officers must do which of the following?

Paper application and renewal forms will not be accepted after March 1, 2021. 28.203-4 Solicitation provision and contract clause. If the contracting officer learns that a financial institution's rating has dropped below investment grade level, the contracting officer shall give the contractor 30 days to substitute an acceptable ILC or shall draw on the ILC using the sight draft in paragraph (g) of the clause at 52.228-14. Escrow is often required if third-party (e.g., bank) financing is involved. (d) Aircraft public and passenger liability. Escrow officers can now use Sircon to renew and apply for a license. (3)The individual surety shall execute the SF28, Affidavit of Individual Surety, and provide a security interest. (See 28.308 for self-insurance.). (3) The rating services listed in the website http://www.sec.gov/answers/nrsro.htm use different rating scales (e.g., AAA, AA, A, BBB, BB, B, CCC, CC, C, and D; or Aaa, Aa, A, Baa, Ba, B, Caa, Ca, and C) to provide evaluations of institutional credit risk; however, all such systems specify the range of investment grade ratings (e.g., BBB-AAA or Baa-Aaa in the examples in this section) and permit evaluation of the relative risk associated with a specific institution. (c) SF 25A, Payment Bond (see 28.102-1 and 28.106-3(b)). (c)An individual surety excluded pursuant to this section shall be entered as an exclusion in the System for Award Management (see 9.404). (3) The work is to be performed on a Government installation. When the Government requires or approves insurance to cover loss of or damage to Government property (see 45.104, Responsibility and liability for Government property), it may be provided by specific insurance policies or by inclusion of the risks in the contractors existing policies. Unless the contracting officer determines that a lesser amount is adequate for the protection of the Government, the penal amount of the payment bond or the amount of alternative payment protection must equal-, (1) 100 percent of the original contract price; and. (2) As otherwise authorized by the Bonds statute or other law. 2651.301, or 2651.302, must comply with the following mandatory requirements: NOTICE REQUIREMENTS The Agent/Direct Operation must provide written notice of its intent to cease operations no later . When, by means of an insurance policy or a self-insurance program, the contractor provides the workers compensation coverage required by the Defense Base Act, the contractors employees automatically receive war-hazard risk protection. (2) An annual bid bond is a single bond furnished by a bidder, in lieu of separate bonds, which secure all bids (on other than construction contracts) requiring bonds submitted during a specific Government fiscal year. The escrow officer's duties include: (b) All types of bid guarantees are acceptable for supply or service . In making this determination, the contracting officer will give consideration as to whether the unreleased portion of the security is sufficient to cover the remaining contract obligations, including payments to subcontractors and other potential liabilities. Must have at least one licensed escrow officer. If the escrow or limited practice officer was terminated for dishonesty or financial misconduct involving the business, the escrow agent must provide the department with a detailed written statement signed by the designated escrow officer explaining the dishonesty or financial misconduct; a copy of any information provided to the police; and a. Contractors are required to comply with applicable Federal and State workers compensation and occupational disease statutes. (2) To support the credit rating of the financial institution(s) issuing or confirming the ILC, the contracting officer shall verify the following information: (i) Federal insurance: Each financial institution is federally insured. extends the Longshoremens and Harbor Workers Compensation Act ( 33 U.S.C.901) to various classes of employees working outside the United States, including those engaged in performing-, (1) Public-work contracts; or, (2) Contracts approved or financed under the Foreign Assistance Act of1961 (Pub.L.87-195) other than-, (i) Contracts approved or financed by the Development Loan Fund (unless the Secretary of Labor, acting upon the recommendation of a department or agency, determines that such contracts should be covered); or. The escrow holder is a neutral third-party that maintains the escrow and impartially oversees the escrow process, insuring that all conditions of the sale are properly met based on the original purchase agreement and lender requirements. All escrow officers licensed for at least 10 months must complete six or more hours of continuing education, depending on the length of time licensed. 28.307 Insurance under cost-reimbursement contracts. (5) The contractors compliance with Federal and State laws and regulations. Any award to the offeror shall not exceed the quantity covered by the bid guarantee; (4) The bid guarantee is received late, and late receipt is waived under 14.304; (5) A bid guarantee becomes inadequate as a result of the correction of a mistake under 14.407 (but only if the bidder will increase the bid guarantee to the level required for the corrected bid); (6) An otherwise acceptable bid bond was submitted with a signed offer, but the bid bond was not signed by the offeror; (7) An otherwise acceptable bid bond is erroneously dated or bears no date at all; or. The types of bonds and related documents are as follows: (1) An advance payment bond secures fulfillment of the contractors obligations under an advance payment provision. (1) Increase the penal sum of the existing bond; (3) Furnish additional alternative payment protection. (d) SF 25B, Continuation Sheet (for SFs 24, 25, and 25A). The contracting officer shall determine the amount of the advance payment bond necessary to protect the Government. (b) Insert the clause at 52.228-13, Alternative Payment Protections, in solicitations and contracts for construction, when the estimated or actual value exceeds $35,000 but does not exceed $150,000. (5)Any other cause affecting responsibility as a surety of such serious and compelling nature as may be determined to warrant exclusion. (c) When a payment bond has been provided for a contract, the head of the agency or designee shall furnish a certified copy of the bond and the contract for which it was given to any person who makes a request therefor and who furnishes an affidavit that the requestor has supplied labor or materials for such work and payment therefor has not been made or that the requestor is being sued on such bond. (b) When a contract price is increased, the Government may require additional bond protection in an amount adequate to protect suppliers of labor and material. The security interest shall be maintained for the full contract performance period plus 1 year. (e) Vessel liability. Any person required to furnish a bond has an option to furnish a certified or cashiers check, bank draft, Post Office money order, or currency, in an amount equal to the penal sum of the bond, instead of furnishing surety or sureties on the bonds. (d) Treasury Department Circular 570 may be obtained from the U.S. Department of the Treasury, Bureau of the Fiscal Service, Surety Bond Branch, 3201 Pennsy Drive, Building E, Landover, MD 20785 or at https://www.fiscal.treasury.gov/fsreports/ref/suretyBnd/c570.htm. 9310, individual sureties must pledge eligible obligations, which Treasury refers to as acceptable collateral or eligible collateral. 28.204 Alternatives in lieu of corporate or individual sureties. (a) Any person required to furnish a bond to the Government may furnish any of the types of security listed in 28.204-1 through 28.204-3 instead of a corporate or individual surety for the bond. The contracting officer will authorize final payment upon agreement between the contractor and surety or upon a judicial determination of the rights of the parties. 4601 note prec. A finding of nonresponsibility based on unacceptability of an individual surety, need not be referred to the Small Business Administration for a Certificate of Competency. Basic Manual, P-28.A.12. It also contains Title 11 of the Texas Insurance Code, the law that governs the regulation of title insurance. The contracting officer shall insert the clause at 52.228-8, Liability and Insurance-Leased Motor Vehicles, in solicitations and contracts for the leasing of motor vehicles (see subpart 8.11). (1) Performance bonds. TDI is accepting applications without a notary signature. Coverage for passenger liability bodily injury shall be at least $200,000 multiplied by the number of seats or passengers, whichever is greater. (b) Solicitations shall not preclude offerors from using the types of surety or other security permitted by this subpart, unless prohibited by law or regulation. 2. (3) Substantial progress payments are made before delivery of end items starts. Any change in benefits provided under an approved plan that can reasonably be expected to increase significantly the cost to the Government requires similar approval. No person may perform the duties of an escrow officer until receiving notification of approval of the escrow officer license by TDI. Each individual surety is jointly and severally liable to the extent of the penal amount of the bond. (d) When the agency head recommends a waiver to the Secretary of Labor, the Secretary may waive the applicability of the Defense Base Act to any contract, subcontract, work location, or classification of employees. (a) When additional bond coverage is required and is secured in whole or in part by the original surety or sureties, agencies shall use Standard Form1415, Consent of Surety and Increase of Penalty. Unless the financial institution issuing the ILC had letter of credit business of at least $25 million in the past year, ILCs over $5 million must be confirmed by another acceptable financial institution that had letter of credit business of at least $25 million in the past year. 28.311-2 Agency solicitation provisions and contract clauses. (a) The contracting officer shall insert a provision or clause substantially the same as the provision at 52.228-1, Bid Guarantee, in solicitations or contracts that require a bid guarantee or similar guarantee. When the coverage is provided by self-insurance, the contractor shall not change or decrease the coverage without the administrative contracting officers prior approval (see 28.308(c)). The contracting officer shall notify both the offeror or contractor and the individual surety of this determination. For these purposes, normal rework estimates and warranty costs will not be considered self-insurance. See the definition of "offer" at 2.101. The policies shall disclose the Governments interest in the property. 3132, for construction contracts greater than $35,000, but not greater than $150,000, the contracting officer shall select two or more of the following payment protections, giving particular consideration to inclusion of an irrevocable letter of credit as one of the selected alternatives: (i) A payment bond. (5) A payment bond assures payments as required by law to all persons supplying labor or material in the prosecution of the work provided for in the contract. (a) When any contract is modified, the contracting officer shall obtain the consent of surety if-. Status of License The applicant will be notified within 45 days that an application has been accepted or of any deficiencies that need to be corrected prior to further processing of the application. (ii) For contracts not subject to the Bonds statute, the later of-, (A) 90 days following final payment; or. 28.101-4 Noncompliance with bid guarantee requirements. If the contract price increases, the Government must secure any needed additional protection by directing the contractor to-. (4) When specified in the solicitation, the contracting officer may accept a bond from the direct writing company in satisfaction of the total bond requirement of the contract. 28.101-2 Solicitation provision or contract clause. The contracting officer may-, (a) Turn securities over to the finance or other authorized agency official; or. Acceptable forms of security include-, (1) Corporate or individual sureties; or. (b) The Government may require additional performance bond protection when a contract price is increased. conditional delivery of transfer instruments or money to a third party. (2)The net adjusted value of unencumbered assets is their market value minus the margin. As a fiduciary, the escrow agent must remain objective and neutral and act at all times for the benefit and interest of all parties to the transaction. The contractor shall use StandardForm(SF)273, Reinsurance Agreement for a Bonds Statute Performance Bond, and SF274, Reinsurance Agreement for a Bonds Statute Payment Bond, when reinsurance is furnished with the required performance or payment bonds.