Nevada enacted a new bill concerning mortgage loan originators. The new law is named AB 523 and requires that mortgage loan originators be licensed. The Banking Commissioner is required to implement policy that requires mortgage originators to attain a surety bond, satisfy net worth requirements or pay into a recovery fund. Initially, mortgage originators would have been obliged to acquire a surety bond in a quantity which is established by regulation and satisfy the net worth requirements set for mortgage brokers. AB 523 also formed a recovery fund. All these concluding provisions were erased.
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.