ICFC has three options to help brokers meet federal requirements so they may concentrate on meeting their business goals.
Monthly Payment Plan:
After you are “pre-approved,” you simply pay a one-time application fee and a small monthly deposit to collateralize your Trust Fund Account of $10,000. ALL trust fund deposit payments are fully refundable!
To minimize costs, deposit the full collateral sum of $10,000. The sum of this collateralized account is held in trust under the terms and conditions outlined in the BMC-85/Property Broker’s Trust Fund Agreement.
Standby Letter of Credit:
Have your bank arrange with ICFC (the Trustee) an Irrevocable Standby Letter of Credit. Upon receipt, the Trust Fund is immediately posted with the F.M.C.S.A.
The broker license shall remain in effect only as long as a surety or trust fund remains in effect to ensure the financial responsibility of the broker.
Whatever option you choose, we are here to help qualified brokers achieve their business and financial goals.
We work closely with our clients and keep them informed every step of the way . . .