News & Analysis as of

Surety Bonds Money Transmitter

Orrick, Herrington & Sutcliffe LLP

Oregon enacts money transmission bill regarding security devices

On January 9, the State of Oregon enacted a new bill on money transmission licensing, specifically stating that “each license application shall be accompanied by a security device in the amount of $25,000.” ...more

Ballard Spahr LLP

North Carolina to Accept Electronic Surety Bonds

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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

Ballard Spahr LLP

Indiana Issues New Bond for Money Transmitter License

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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

Ballard Spahr LLP

Arkansas Requiring Amended Surety Bonds

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Prior to the approval of their renewal request for the 2018 calendar year, Arkansas licensed mortgage companies and money transmitters must reissue their surety bonds to reflect the amended bond requirements adopted in March...more

Ballard Spahr LLP

Maryland and Washington Converting to Electronic Surety Bonds on NMLS

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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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