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 Also, the previous law only required the surety bond to stay active until the mortgage lender or broker’s license was retracted.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.
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Alaska Mortgage Broker Bond
September 8, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Mortgage Broker Bonds, Surety News
Tags: AL, alaska, bond requirements, legislation, mortgage broker bond, surety bond
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Washington Appraisal Management Bond
September 7, 2010 by Eric Weisbrot
The State of Washington presented new legislation concerning appraisal management companies. The new law is titled HB 3040 and requires appraisal management companies to acquire a surety bond in a quantity of at least $30,000. The surety bond must be from a State authorized surety company and the aggregate liability of the surety can not surpass the surety bond’s penal total. The surety bond is conditioned on the licensee’s cooperation with the related legislation and policies. HB 3040 authorizes the licensee to “maintain unimpaired capital, surplus, and long-term subordinated debt” in the place of a surety bond.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: Appraisal Management Bond, bond requirements, legislation, surety bond, WA, Washington
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Tennessee Real Estate Appraisal Management Bond
September 3, 2010 by Eric Weisbrot
Real estate appraisal management companies in the State of Tennessee must abide by a new law. The new law, which is referred to as SB 3155/HB 3191, requires real estate appraisal management companies to register and acquire a surety bond in the quantity of $50,000. The particulars of the surety bond requirement will be established via regulations.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, Real Estate Appraisal Management Bond, surety bond, tennessee, tn
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Oregon Real Estate Appraisal Management Bond
September 2, 2010 by Eric Weisbrot
HB 3624a is a new bill that was presented in the State of Oregon concerning real estate appraisal management companies. The new bill requires real estate appraisal management companies to register and attain a surety bond or letter of credit in the amount of $25,000. The surety bond is conditioned on the imbursement of all sums that arose for all individuals executing real estate appraisal services for the company and all funds owed as a result of a judgment opposing the company for negligent real estate appraisal actions which violates its contracts. The surety has the option to terminate the surety bond with 30 days of advance written notification. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, OR, Oregon, Real Estate Appraisal Management Bond, surety bond
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New Mexico Real Estate Appraisal Management Bond
September 1, 2010 by Eric Weisbrot
New Mexico presented new legislation concerning real estate appraisal management companies. The new law is labeled SB 138 and requires real estate appraisal management companies to acquire a $25,000 surety bond or alternative security in relation to registration. The surety bond guarantees the payment of administrative or judicial punishments that the Real Estate Appraisers Board imposes and any penalties or expenses imposed under punitive action from the Board. The surety bond must indemnify any individual who suffered losses that were a result of the company’s infringement of the law or the Board’s policy. The Board will establish the surety bond quantity required through regulations.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, New Mexico, NM, Real Estate Appraisal Management Bond, surety bond
