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New Nevada mortgage company license, bond rules soon go into effect

NEVADA — The Nevada Division of Mortgage Lending will begin accepting electronic surety bonds for the new state Mortgage Company License through the Nationwide Multistate Licensing System (NMLS) starting Jan. 1, 2020. Anyone planning to renew their Nevada license as a mortgage broker and/or mortgage banker, needs one renewal as a mortgage company, according to

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Nevada clarifies cryptocurrency licensing regulations

NEVADA — Cryptocurrency operators must obtain a money transmitter license and surety bond to conduct business in the state, clarified the Financial Institutions Division at the Nevada Department of Business and Industry in a recent official statement. Under Nevada Revised Statutes Chapter 671, any “entity engaged in the business of selling or using checks or

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Rhode Island requires new Currency Transmitter Surety Bond

RHODE ISLAND – Businesses engaged in currency transmission will soon be required to submit a new surety bond form. The 2019 General Assembly enacted legislation effectively merges “Sale of Checks” and “Electronic Money Transfers” licenses into one “Currency Transmitter” license. The revisions define currency transmission as engaging in the “sale or issuance of payment instruments

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Alabama to require tax surety bond from new, noncompliant retailers

ALABAMA — Beer, wine or tobacco retailers registering for a new sales tax license will have to acquire a one-time $25,000 surety bond as of January 1, 2020. A retailer will become exempt from the bond requirements after two years as long as it remains in continuous compliance with the state’s sales tax laws, according

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New Mexico expands pharmaceutical licensing requirements

NEW MEXICO — The New Mexico Board of Pharmacy now requires drug manufacturers, outsourcing facilities, repackagers, and third-party logistics providers to be licensed and bonded. While the law previously required only nonresident pharmacies and wholesale drug distributors to be bonded, Senate Bill 271 broadened regulations after passing in June 2019. These surety bonds provide security

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Alabama ups motor vehicle dealer license bond amount

ALABAMA — Lawmakers passed updates to several state motor vehicle dealer licensing regulations, including a surety bond amount increase and violation penalty adjustments. The changes outlined in House Bill 393 will go into effect in October 2020 and will affect new and used motor vehicle dealers, motor vehicle rebuilders and motor vehicle wholesalers or wholesale

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