Blog

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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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,

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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,

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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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