On 02/04/2009, a new law was introduced pertaining to Arizonian mortgage brokers. HB 2486 now has commercial mortgage brokers abiding by existing law which regulates residential mortgage brokers. HB 2486 requires licensure as well as a surety bond, which is conditioned on fulfillment of the law. The quantity of the surety bond is calculated by the brokerage’s class of investors. Should the investors be solely institutional investors, the surety bond must be $10,000; if not the bond must be in the amount of $15,000 if some of the investors are non-institutional.
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.