Surety Bond Blog » alaska

Alaska Mortgage Broker Bond

Eric Weisbrot — Wed, 08 Sep 2010 13:45:27 +0000

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 Also, the previous law only required the surety bond to stay active until the mortgage lender or broker’s license was retracted.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.

Alaska Trustee Bond

Eric Weisbrot — Tue, 20 Jul 2010 20:24:51 +0000

Trustees in the State of Alaska must abide by a new bill. The new bill, which is referred to as HB 108, requires any individual acting as a trustee on a deed to acquire a $250,000 surety bond to guard the grantors and beneficiaries of the deed from the trustee’s deception or defalcation perpetrated in the execution of the trustee’s responsibilities. All title insurance agencies within the state would be excused from the surety bond obligation.

Alaska Mortgage Broker Bond

Eric Weisbrot — Wed, 14 Jul 2010 20:25:14 +0000

SB 279 is a new bill that was enacted in Alaska State concerning both mortgage brokers and lenders. The new bill modifies the present surety bond requirements for mortgage brokers and mortgage lenders to fulfill the new federal standards for mortgage loan originators. The previous bill required a $25,000 surety bond. SB 279 requires a surety bond in a quantity which is established through regulations. The new legislation inserts a three-year tail to the surety bond in the statute. The previous law stated that the surety bond only had to remain active until the mortgage lender or broker’s license is withdrawn or canceled. The surety bond would have to be active for three years following the cancelation of the license. SB 279 also provides for a transition so that the required surety bond quantity will stay put at $25,000 until the policies for the bond prescribed in the new legislation are active.