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Rhode Island now requires student loan servicers be registered, bonded

RHODE ISLAND — The new “Student Loan Bill of Rights Act” requires student loan servicers to be bonded and registered with the state. The law took effect July 15 and is meant prohibit any misleading, unfair or deceptive behavior and provide best practices for protecting consumers’ rights. In addition to requiring student loan servicer registration, the

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New Jersey passes licensing law for nonbank mortgage servicers

NEW JERSEY — Mortgage servicers must now obtain a $100,000 bond to be able to legally operate in the state, according a new law that went into effect July 28. The recently passed Bill A4997, known as the Mortgage Servicers Licensing Act, lays out the bonding requirement as well at the obligations and responsibilities of

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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

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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

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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

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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

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