800-901-3099

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 … Read more

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, … Read more

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 … Read more

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 … Read more

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 … Read more

Car wash group drops suit to stop NYC bond law

New York City — The Association of Car Wash Owners has abandoned its lawsuit to stop the 2015 Car Wash Accountability Law, the Bill de Blasio administration announced Feb. 11. The association’s move to drop its suit comes after its loss in December when an appeals court upheld the labor-backed law, which including a two-tier … Read more

Dentists must comply with new DMEPOS bond rules

Dentist using medical equipment

Dentists who provide durable medical equipment and who participate in a CMS billing program now must submit a DMEPOS surety bond, according to a new requirement the Centers for Medicare and Medicaid Services released in Nov. 2018. A DMEPOS surety bond is a license and permit surety bond required by CMS for all suppliers of … Read more

Mass. passes PEO bond requirements

MASSACHUSETTS — The Department of Labor Standards now requires a $250,000 surety bond for any professional employer organization, or PEO, that conducts business in the state. State lawmakers passed HB 4723 in 2018, joining over 40 other states in having similar PEO licensing requirements. The state law defines a PEO as any person engaged in … Read more

Student loan servicers need surety bonds in Washington

WASHINGTON — Updates to the Consumer Loan Act include surety bond requirements for student loan services. Student loan businesses must post a $30,000 bond as part of the requirements to receive and maintain a license from the Washington State Department of Financial Institutions to able to legally work within the state. These updates are part … Read more