1. Minnesota Mortgage Loan Originators

    07/29/2010 by admin

    Minnesota House Bill 2600/Senate Bill 264 would require all mortgage loan originators to be license and to obtain a loan orinators bond either on their own, or through their employers bond. The commissioner of Commerce will determine the amount the bond must be, and will be determined by the dollar amount of loans originated.

    Category: Mortgage Banker, Mortgage Broker Surety BondComments (0)

  2. Debt Management Bonds

    07/27/2010 by admin

    The Uniform Debt Management Services Act was recently re-introduced to many states.  This act requires debt-management service providers to secure a $50,000 surety bond to be issued to the State.  The State will also accept a certificate of insurance, bonds or other obligations of the US or the State. The bill would require sureties to have an “A” rating from a nationally recognized rating service and be licensed in the state.

    Category: UncategorizedComments (0)

  3. Minnesota Plumber License Bond Requirements Updated

    07/22/2010 by admin

    Minnesota House Bill 2781 that was recently introduced would do away with current exemptions to plumbers employed by master plumbers.  Instead these plumber would have to comply with license bond requirements, including posting a minimum $25,000 Plumber License Bond as per current law.

    Category: License and Permit, UncategorizedComments (0)

  4. Vermont Mortgage Loan Servicers Bond

    07/20/2010 by admin

    SB 287, which has recently passed in the senate, would require both license and a $100,000 surety bond form Mortgage Loan Servicers in the State of Vermont.  The Commissioner of Banking, Insurance, Securities and Health Care Administration would be able to adjust the amount of the bond that would be put in place to ensure compliance with the applicable laws and regulations of the state, as well as ensuring payment of all funds due to the state or any person.

    Category: License and Permit, Mortgage Banker, Mortgage Broker Surety BondComments (0)

  5. Florida Debt Collection Angency Bond Requirement Update

    07/16/2010 by admin

    Enacted into law, SB 2086 requires Debt Collection Agencies in the state of Florida to obtain a surety bond in the amount not less then $50,000 and not to exceed $1 million dollars.  The actual bond amount will be based on each individual agencies business volume.

    Category: License and Permit, UncategorizedComments (0)

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