HI HB836

Increases minimum net capital requirement for escrow depositories from $50,000 to $100,000, effective January 1, 2014.

Raises fidelity bond requirement from $25,000 to $100,000 and errors and omissions insurance requirement from $100,000 to $250,000, effective January 1, 2014.

Grants the Commissioner of Financial Institutions authority to issue permanent and temporary cease and desist orders against violating escrow depositories and increases maximum administrative penalties from $5,000 to $10,000 per violation, with additional $10,000 penalties for violations targeting elders.

Establishes $2,000 fee for transfers and changes in control of escrow depository licenses and increases various licensing fees, including application fees ($5,000), annual renewal ($2,000), and examination/investigation hourly rates ($60).

Requires escrow depositories to notify the Commissioner of changes to designated escrow officers and branch managers at least 15 days prior to the change, unless the event occurs unexpectedly.