Blog

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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What is a Surety Bond (and what it’s not)?

Let’s say a school would like to do business with John’s Construction Company to build a new gymnasium. If only there was a way to guarantee the company will do the work they said they would do for the school. This is where surety bonds come in. A surety bond is a financial guarantee of

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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 surety bond application do I need to use?

Which bond application do you need for your specific bond? Our one page bond application suffices for most bond types under $100,000 and has been approved by multiple surety carriers.  A surety bond application is a form required by the surety carrier. It provides the basic information needed about the bond and the principal for

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