Obligee: Louisiana Office of Financial Institutions Surety Bonds

Louisiana Escrow Agent Bond for Deed Simply put a Bond For Deed is a form of Seller Financing. It is a contract to sell Real Estate in which the purchase price is paid in installments and title is transferred after the payments are made in full. In other states, Bond for Deed is usually called Contract for Deed or Land Contract. Bond for Deed contracts may seem relatively new, however, laws covering Bond for Deed contracts have been in existence since 1934. Recently, the Louisiana legislature enacted legislation that protects the Buyer under a Bond for Deed by not allowing any subsequent judgments or liens against the Seller under a Bond for Deed contract to prime a Bond for Deed contract. To protect all parties, Louisiana law requires the services of a licensed escrow agent. The escrow agent is responsible for collecting the payments, paying any underlying mortgages and issues IRS 1098 interest reports. In the event of non-payment, the escrow agent sends the required notices to both Purchaser and Seller. The contract allows the Seller to take back the property if payments are not made within the time allowed and without the costly expense of judicial foreclosure. Escrow Services, Inc. is the only statewide commercial escrow agent that has the experience and expertise required to properly service Bond for Deed contracts.

Louisiana Residential Mortgage Lender Bond ($50,000) The Mortgage Lender Surety Bond ($50k) is required by the Louisiana Office of Financial Institutions. This Bond is required of principals (applicants) that have applied to conduct business as a mortgage lender in the state of Louisiana. This Bond guarantees that the applicant will faithfully comply with the law. To learn more about Louisiana licensing requirements please visit the Lousiana Office of Financial Institutions website.

Louisiana Sale of Checks and Money Transmission Bond Sale of Checks and Money Transmitters Activity: Any person who engages in the business of money transmission or selling of checks as a service or for a fee or other consideration in Louisiana must submit a company application through the NMLS. “Person” means any individual, partnership, association, joint stock association, trust, or corporation but does not include the United States government or the government of this state.