Blog

NMLS to manage Maryland’s Debt Settlement Services Provider Licenses

MARYLAND — The Commissioner of Financial Regulations will begin accepting electronic surety bonds for Debt Settlement Services Provider registration through the Nationwide Multistate Licensing System (NMLS) starting Aug. 1, 2019. As of July 10, a conversion deadline for existing surety bonds is to be determined, according to the NMLS website. Maryland requires a $50,000 bond to

Read More »

How long does it take to get a surety bond?

Maybe you’re proactive or maybe you’ve waited to the last minute. All you know for sure is you need a surety bond and have no idea how long it will take to get one. Great question that I’d love to answer for you. As with many things in life the answer depends. First,  I’ll give

Read More »

What fees appear on an invoice?

You just got a new surety bond or a quote for one. Now, you’re looking at the invoice wondering what you’re being charged. Everyone should fully understand what’s on their bill. We are happy to help explain the possible line items you may see on a surety bond invoice. Premium: The largest item should always

Read More »

Do I need a surety bond?

It may seem strange for a surety bond broker to say this, but if you don’t have to get a bond then don’t. Why spend money on bond premium if you don’t have to? No one gets a surety bond because they want to. You get a surety bond because someone is requiring it of

Read More »

Why do you need my social security number?

Every surety bond goes through an approval process called underwriting. Underwriting determines if the bond is a good risk for the surety carrier. The risk for the surety is likelihood there will be a claim and if that happens will the bond principal be able to indemnify them (pay them back). To assess this risk,

Read More »

SD Money Transmitter Licenses to be Managed by NMLS

SOUTH DAKOTA — Electronic surety bond tracking for the state’s Money Transmitter License will be managed through Nationwide Multistate Licensing System (NMLS) starting July 1 of 2019, according to the South Dakota Division of Banking. Current licensees need to convert all existing surety bonds to NMLS by submitting an electronic surety bond by Dec. 31,

Read More »