Both mortgage brokers and lenders within the state of Idaho must follow new legislation. Named HB 169, the new law was introduced on 2/18/2009 and abolishes the existing surety bond requirements for mortgage brokers and mortgage lenders. The previous law called for a surety bond in the quantity of $25,000 in addition to $10,000 for each branch. Under HB 169, the State now had a mortgage recovery fund as an alternative to a surety bond. HB 169 became active July 1st, 2009.
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.