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.

A 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.

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.