§454F-13 - Surety bond; required.
[§454F-13] Surety bond; required. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person may be used in lieu of the mortgage loan originator's surety bond.
(b) The surety bond shall provide coverage for each mortgage loan originator in an amount prescribed in subsection (c). The surety bond shall be in a form as prescribed by the commissioner. The commissioner may adopt rules pursuant to chapter 91 with respect to the requirements for the surety bonds necessary to accomplish the purposes of this chapter.
(c) The penal sum of the surety bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the commissioner.
(d) When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond.
(e) Immediately upon recovery of any action on the bond, the commissioner may require the filing of a new bond. [L Sp 2009, c 32, pt of §2]