Idaho Loan Originator Bond Abolished

IdahoOn 02/01/2008, the state of Idaho introduced a new law named HB 450 concerning loan originators. The new law eradicates the surety bond requirement in existing law for the loan originators. The law demanded a surety bond in the quantity of $10,000, which had to be issued by a state licensed surety. HB 450 will be active and affecting mortgage brokers on June 2, 2008.