HB 2463, enacted on 08/17/2008, is a new North Carolina state law. HB 2463 manages mortgage servicers and requires them to follow the same licensing, bond and qualification provisions as mortgage lenders. The existing law requires a surety bond of $150,000. Alternatives to the bond are cash or securities in the same amount; as well as is a financial statement representing a net worth of $250,000. Existing law already authorizes and gives precedence to direct customer claims. HB 2463 became active on January 1, 2009.

Effective July 1, 2008, correspondent lenders in Connecticut now follow the same bond requirements as mortgage lenders and brokers, according to the HB 5577 enactment. The bond amount is also increased from $40,000.00 to $80,000.00. There are new regulatory requirements for mortgage brokers and lenders. The law specifies new permissible and prohibited actions for mortgage brokers and lenders. If there are any unpaid costs of an examination of a license, the bond is required to respond to it. The Banking Commissioner is no longer required to automatically suspend the license on the date the license bond is canceled unless it is renewed or replaced. If the licensee does not pay the costs after 30 days of an examination, the license will be suspended.

Enacted on 03/13/2008, SB 157 allows a mortgage brokerage to acquire one bond that will fulfill the bond requirement for all individual applicants that the brokerage employs. Under existing South Dakota law, mortgage broker’s license applicants must post a $25,000 surety bond individually.