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Iowa Real Estate Closing Agent Bond


Real estate closing agents must abide by new legislation in the state of Iowa. The Iowa Banking Division has modified its regulations to enact SB 2348 (2010). SB 2348 requires real estate closing agents to obtain a $25,000 surety bond in order to be licensed with the state but the Superintendent of the Division of Banking has the ability to require a larger bond. When it comes to mortgage brokers and mortgage bankers, the new law also requires the bond amount to be calculated by the amount of residential mortgage loans serviced; opposed to the current law which calculates the bond amount by the amount of residential mortgage loans made, originated, arranged, brokered, processed, and underwritten.

Iowa Real Estate Closing Agent Bond

IowaSB 2348 is a new bill that was enacted in the State of Iowa concerning real estate closing agents. The new bill requires real estate closing agents to acquire a $25,000 surety bond. SB 2348 authorizes the Superintendent of the Division of Banking to call for a larger surety bond quantity. The surety bond is conditioned on cooperation with the applicable legislation and policies. The surety bond quantity would have been $250,000 under the first draft of the bill. SB 2348 implements the SFAA’s suggestions on the bond amount.

Iowa Real Estate Closing Agent Bond

IowaSB 2348 is a new Iowa State law that was enacted relating to real estate closing agents. The new law requires real estate closing agents to be licensed and to acquire a $25,000 surety bond. SB 2348 authorizes the Superintendent of the Division of Banking to require a greater surety bond quantity. The surety bond would be conditioned on compliance with the applicable legislation and policies. The bill implements suggestions the SFAA offered regarding the surety bond amount. A study edition of this bill would have called for a $25,000 with the proviso that a greater quantity could be required through policy. The AIA local counsel implemented the suggestions to the bill sponsor and the subcommittee working on the law and the SFAA provisions were integrated in this bill.

Iowa Real Estate Closing Agent Bond

IowaIowa State presented a new bill relating to real estate closing agents. The new bill is named SB 2348 and requires real estate closing agents to be licensed and also must acquire a $25,000 surety bond. The new bill authorizes the Superintendent of the Division of Banking to establish a larger surety bond quantity requirement. The surety bond would be conditioned on the cooperation with the applicable legislation and policy. SB 2348 implements suggestions the SFAA made regarding the surety bond quantity. A study edition of this bill would have called for a $250,000 surety bond. The SFAA suggested a $25,000 surety bond or a minimum quantity of $25,000 with the condition that a larger amount could be required through policy. The AIA local counsel and the local surety association brought the ideas to the bill sponsor and they were implemented in this new bill.

Iowa Mortgage Originator Bond

IowaIowa state introduced a new law relating to mortgage originators. The new law is labeled SB 355 and requires mortgage originators to be covered by a surety bond, but if the surety bond requirement is not possible, SB 355 authorizes the Superintendent of Banking to institute a recovery fund. The new law states that the surety bond covering mortgage loan originators must mirror the dollar amount of loans originated according to the Superintendent’s resolution. If the originator is a member of staff or the exclusive agent of a mortgage broker, mortgage banker, industrial lender or a consumer lender, which are subject to surety bond requirements under present law, then the employer’s surety bond will be sufficient for the bond requirements put on originators. SB 355 requires the Superintendent of Banking to set the bond requirements using regulations so that the surety bond quantity will replicate the dollar amount of loans originated for an employer’s surety bond.

Iowa Treasurer Bond Requirement Update

IowaA new secretary and treasurer bond requirement was introduced updating the stipulations in the state of Iowa on February 11th, 2009. The new law, titled HB 269, eradicates the surety bond requirement for the secretary and the treasurer of the board of a county or a memorial hospital. The previous piece of legislation required a surety bond to be acquired in accordance with the board’s qualifications. HB 269 was enacted on May 18th, 2009.