The State of Vermont presented new legislation concerning loan servicers. The new law, which is named SB 287, requires loan servicers to acquire a $100,000 surety bond conditioned on the cooperation with the related laws and policies including the payment of all funds due to any individuals and the State. The Commissioner of Banking, Insurance, Securities, and Health Care Administration can modify the quantity of the surety bond. The surety’s aggregate liability is restricted to the surety bond amount.
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.