Mortgage brokers must abide by a new law in the state of Alabama which was introduced on February 3rd, 2009. The new law, named SB 232, allows the State Banking Department to demand mortgage brokers to obtain a surety bond as a replacement for meeting the existing net worth requirements. The State Banking Department will establish the amount of the surety bond. The previous law did not ask for bonding of mortgage brokers. SB 232 was enacted May 21, 2009.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.