Iowa 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.
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Iowa Mortgage Originator Bond
March 10, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Mortgage Broker Bonds, Surety News
Tags: bond requirements, IA, iowa, legislation, Mortgage Originator Bond, surety bond
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Iowa Treasurer Bond Requirement Update
March 8, 2010 by Eric WeisbrotA 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. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, IA, iowa, legislation, surety bond, Treasurer Bond
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Alabama Boxing Promoters License Bond
January 15, 2010 by Eric Weisbrot
The state of Alabama enacted a new law on 05/21/2009 concerning the Boxing Commission. The new law, which is labeled SB 98, produces the Alabama Boxing Commission. SB 98 now requires promoters to be licensed and must acquire a performance bond in an amount and under the conditions that the commission will establish. Also, any individual boxing promoter is required to post a permit for every match and the Boxing Commission can ask for a performance bond with any permit as well as the license bond. Discuss: Comments (1)
Category: Commercial Bonds, Performance Bonds, Surety News
Tags: AL, alabama, bond requirements, Boxing Promoters Bond, iowa, legislation, license bond, surety bond
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Iowa Mortgage Broker, Banker, & Industrial Loan Company Bond Increase
December 15, 2009 by Eric WeisbrotMortgage brokers, bankers and industrial loan companies must follow new rule concerning bond requirements in the state of Iowa. The new law, HB 2556, raises the amount of the license bond amount required for mortgage bankers and mortgage brokers from $50,000 to $100,000. The law requires either a surety bond or collateral. HB 2556 also requires industrial loan companies to obtain a surety bond of $25,000 from a surety company licensed within the state. The law formerly required solely licensure. The surety companies are allowed to terminate the bond with 30 days of notice to the Superintendent of Banking. The surety bond is for the state’s utilization, including any individuals with a cause of action against the license applicant, and it is conditioned on the applicant’s truthful conformance to and abiding by the industrial loan company laws in addition to any policy adopted to implement it. The sureties will be required to reimburse the state and any individual all funds owing to the state and such individuals under the law. In place of the bond, alternative types of collateral may be posted; only if the collateral provides the same protections as the surety bond for both the state and clients. Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, IA, Industrial Loan Company Bond, iowa, legislation, mortgage banker bond, mortgage broker bond, surety bond
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Iowa Viatical Settle Provider/Broker Bond
December 13, 2009 by Eric WeisbrotOn 03/11/2008, a new law relating to viatical settlements in the state of Iowa was introduced. The new law, SB 2392, permits the Insurance Commissioner to implement rules that oblige viatical settlement providers and brokers to post a surety bond or other financial responsibility. The bill initially would have adopted the NAIC model law, which demands proof of financial assurance by way of a $250,000 surety bond. SB 2392 was enacted on May 10th, 2008. Discuss: Comments (1)
Category: Commercial Bonds, Surety News
Tags: IA, iowa, Viatical Settle Broker Bond, Viatical Settle Provider Bond
