Regulatory Alerts2020-07-01
Idaho Department of Finance Guidance Statement 2020-03-SB: Escrow Act Interpretations
The Idaho Department of Finance issued Guidance Statement 2020-03-SB to clarify that the Idaho Escrow Act applies to Section 1031 Qualified Intermediaries and cannot be waived by the agency. The guidance establishes a narrow exclusion where the Act does not apply if the only Idaho contact is the location of replacement property in a tax-deferred exchange. Additionally, the Department permits entities to satisfy financial responsibility requirements by maintaining specific fidelity bond and errors and omissions insurance coverage instead of the standard surety bond.
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