News & Analysis as of September 19, 2024

Mortgages › Surety Bonds

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Creative Legislative Solutions To Bond Off Mechanic’s Liens

Bradley Arant Boult Cummings LLP on 6/14/2019

Whether you are the owner or the general contractor, dealing with mechanic’s liens filed by subcontractors or suppliers can be frustrating and, in some cases, present the very real threat of having to pay twice for work or...more

North Dakota Modifies Surety Bond Requirements

Ballard Spahr LLP on 3/22/2019

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more

North Carolina to Accept Electronic Surety Bonds

Ballard Spahr LLP on 6/11/2018

The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

Indiana Issues New Bond for Money Transmitter License

Ballard Spahr LLP on 11/13/2017

On October 14, 2017, the Indiana Department of Financial Institutions issued a new bond form for their Money Transmitter License to correct the language, making it consistent with their existing statute. This new bond form...more

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

Ballard Spahr LLP on 10/18/2017

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here...more

Maryland and Washington Converting to Electronic Surety Bonds on NMLS

Ballard Spahr LLP on 7/28/2017

On August 1, 2017, the Maryland Commissioner of Financial Regulation will start using the new Electronic Surety Bond (ESB) through NMLS....more

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