Alaska State mortgage brokers and mortgage lenders must cooperate with a new law which is referred to as SB 279. The new law modifies the present surety bond requirements for mortgage brokers and lenders. The previous legislation required a $25,000 surety bond while the new law, SB 279, requires a surety bond in a quantity that is established via policy. Also, the previous law only required the surety bond to stay active until the mortgage lender or broker’s license was retracted. The new legislation requires the surety bond to remain active for three years after the cancellation of the license.