California Exchange Facilitators Bond

CaliforniaCalifonia’s SB 1007 law originally did not have any relation to fidelity bonds. When the law was amended and became effective on January 1, 2009, it required exchange facilitators to be licensed and obtain either a minimum $1 million bond or fidelity bond, securities, post cash, or an irrevocable letter of credit in the same amount. Financial Institutions and title insurers, underwritten title companies and controlled escrow companies are exempt from the licensing requirement of the bill, but they still need to comply with the bonding and insurance requirements.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.


Michael Weisbrot

Glad to hear it! We are going to put more effort in getting the surety community to interact with the blog, our forums, twitter, and other social media sites. It would be nice to discuss some of these current events with others in the industry. So feel free to spread the word. 🙂

Now that the blog comment replies get emailed it should create further dialogue amongst commentators…I hope!


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