Califonia’s SB 1007 law originally did not have any relation to fidelity bonds. When the law was amended and became effective on January 1, 2009, it required exchange facilitators to be licensed and obtain either a minimum $1 million bond or fidelity bond, securities, post cash, or an irrevocable letter of credit in the same amount. Financial Institutions and title insurers, underwritten title companies and controlled escrow companies are exempt from the licensing requirement of the bill, but they still need to comply with the bonding and insurance requirements.
California Exchange Facilitators Bond
August 13, 2009 by Lisa Grimsley
Category: Commercial Bonds, Surety NewsTags: bond requirements, ca, california, exchange facilitator, legislation, license bond, surety bond |
I'm reading the blog more now that it's on Twitter.
Comment by SuretyInsider — August 13, 2009 @ 4:50 pm
Glad to hear it! We are going to put more effort in getting the surety community to interact with the blog, our forums, twitter, and other social media sites. It would be nice to discuss some of these current events with others in the industry. So feel free to spread the word.
Now that the blog comment replies get emailed it should create further dialogue amongst commentators…I hope!
Comment by Michael Weisbrot — August 13, 2009 @ 6:05 pm