With the AB 180, effective on July 1, 2009, foreclosure consultants are now required to register with the Department of Justice and to obtain a $100,000.00 surety bond. The bond is in favor of the State and to protect the homeowner in case the foreclosure consultant violates the new or existing law in any way. The SFAA and the AIA local counsel worked together on this bill to improve the bond requirements, which makes this bond more available and easier to underwrite.
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.