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Illinois, Tennessee departments to receive new electronic surety bonds in NMLS

ILLINOIS — The Department of Financial and Professional Regulation will begin May 24 receiving new electronic surety bonds through Nationwide Multistate Licensing System (NMLS) specifically for exempt entity processor registration. The exempt entity processor bond deals with rules laid out under Section 3-1 of the state’s Residential Mortgage License Act of 1987. NMLS is the

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Arkansas amends money transmitter license requirements

Starting in May, money transmitters will need to comply with a few changes to Arkansas’ license requirements detailed in Senate Bill 187, which passed on Feb. 13. The now called Act 111 amends the Uniform Money Services Act, introducing changes that include a reworking of the surety bond amount required to remain licensed with the

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North Dakota ups bond amount for money brokers

North Dakota passed changes March 14 to its code regarding surety bond requirements for money brokers under the Money Brokers Act. The law requires a surety bond of not less than $25,000, but effective Aug. 1, the new minimum will be $50,000. The rest of Code Section 13-04.1-04.1 will remain the same: Each licensee shall

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How much do Surety Bonds cost?

Since there are thousands of different bond types and varied financial conditions of the principals that need bonds, there is a wide range of premium rates. So it’s understandable that the cost of your specific bond need depends on several factors. In general, surety bond premiums run 2-4% of the bond amount. This means in

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What’s the difference between surety and insurance?

Have you ever heard a company say they are bonded and insured? Those are stated separately because surety is not insurance. However, if you have ever been confused about how they are different, you are far from alone. There are even some insurance agents that don’t fully understand surety bonds. Surety is often looked at

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Who is the Surety Bond Principal?

A surety bond is a 3-party contract between the principal, obligee and surety carrier. The principal is who’s being required by the obligee to post the surety bond. The obligee requires the surety bond to transfer the risk of the principal’s performance from the obligee to the surety carrier. If the principal does what they

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