Money brokers in North Dakota are already required to acquire a surety bond in order to operate legally and register with the state; but a small modification to the requirement has recently been made. The old law asked money brokers to get a $25,000 surety bond, no more and no less. The new law, which is titled SB 2124, requires a minimum surety bond of $25,000. The surety bond amount required will be determined by state regulations.
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.