Q: Do you need to be an Attorney to be an Escrow Agent in NY?
My Company is looking to add Credit Stacking to our products, and after the lines of credit have been received most clients will want to cash out the cards. We've heard lawyers will do this, run the cards put it in escrow and then give the client the money in 3 days. We just want to know if we need an Attorney for this or if its something we can do on our own in New York
A:
Other than attorneys and title insurance companies, I am not familiar with other types of escrow accounts. In addition to escrow, you will necessarily need written agreement regarding the operation of the escrow.
Jack
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