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Mortgage Broker State Requirements

Mortgage Broker State Requirements 2018-10-15T22:36:25+00:00

 

Mortgage Broker License
State Surety Bond Requirements

 

Mortgage broker bond requirements are determined by the appropriate state licensing
agency. 
Each state has there own set of standards and forms. Often, these forms are changing, 
so please contact your state licensing authority for the most current bond form and include
it with your application.

Below is a list of the various state bond amounts and contacts:

 

State Amount of Bond.  Phone No
Alaska N/A N/A N/A
Arizona  State Banking Department $10,000 to $15,000 (602) 255-4421
Arkansas Securities Department $50,000 to $100,000 (501) 324-9260
California Dept. of Real Estate
Department of Corporations
$25,000 (916) 227-0931
Colorado- NEW Colorado Real Estate Division $25,000 (303) 894-2166
Connecticut Department of Baking
Consumer Credit Division
$40,000 (860) 831-7225
Delaware Office of the State Bank Commissioner $25,000 (302) 739-4235
District of Columbia  Office of Banking and Financial Institutions $12,500 to $50,000 (202) 727-1563
Florida  Office of the Comptroller
Dept. of Banking and Finance
$10,000 (850) 410-9895
Georgia  Department of Banking and Finance $50,000 (770) 986-2812
Hawaii  Department of Commerce and Consumer Affairs $15,000 (808) 587-3295
Idaho  Department of Finance $25,000 plus $10,000  for each place of business (208) 332-8004
Illinois  Office of Banks and Real Estate
Bureau of Residential Finance
$20,000 (312) 793-3000
Indiana Secretary of State – Securities Division $50,000 (317) 232-6681
Iowa  Division of Banking $15,000 (515) 281-4014
Kansas  Office of the State Bank Commissioner
Division of Consumer and Mortgage Lending
Call the Bank Commissioner
for  requirements
(785) 296-2266
Kentucky  Department of Financial Institutions $50,000 (800) 223-2579
Louisiana Office of Financial Institutions $50,000 (888) 525-9414
Maine  Office of Consumer Credit Regulation $10,000 (207) 624-8527
Maryland Division of Financial Regulation $15,000 to $75,000 (410) 230-6068
Massachusetts  Division of Banks Call the Division of Banks
for requirements
(800) 495-2265 x501
Michigan Division of Financial Institutions $25,000 (517) 373-3460
Minnesota Department of Commerce Call the Department of Commerce
for requirements
(800) 657-3602
Mississippi Department of Banking and Consumer Finance $25,000 (601) 359-1031
Missouri  Division of Finance $20,000 (573) 751-3463
Montana  N/A N/A N/A
Nebraska  Department of Banking and Finance –
Financial Institutions Division
$50,000 (402) 471-2171
Nevada Department of Banking and Finance
Financial Institutions Division
Call the Financial Institutions Division
for  requirements
(702) 687-4259
New Hampshire  Banking Department $20,000 (603) 271-3561
New Jersey  Department of Banking and Insurance $50,000 (609) 984-2777
New Mexico Regulations and Licensing Department
Financial Institutions Division
$25,000 (505) 827-7100
New York Banking Department $10,000 or higher
(based on volume of business)
(800) 334-3360
North Carolina Officer of the Commissioner of Banks $25,000 (919) 733-3016
North Dakota  Department of Banking and Financial Institutions $25,000 (701) 328-9933
Ohio  Department of Commerce
Division of Financial Institutions
$25,000 for main office
and an additional $5,000 for each branch office
(614) 644-7527
Oklahoma  Department of Consumer Credit Call the Department of Consumer Credit
for  requirements
(800) 448-4904
Oregon  Department of Consumer and Business Services
Division of Finance and Corporate Securities
$25,000 to $50,000 (503) 378-4140
Pennsylvania Department of Banking $100,000 (800) 722-2657
Rhode Island $10,000
and $5,000 for each additional office
(401) 222-2405
South Carolina Department of Consumer Affairs $30,000 (800) 922-1594
South Dakota Division of Banking Not  required (605) 773-3421
Tennessee  Department of Financial Institutions $25,000 (615) 741-9340
Texas  Finance Commission of Texas
Savings and Loan Department
$50,000 (877) 276-5550
Utah Department of Financial Institutions $25,000 (801) 538-8830
Vermont Department of Banking
Insurance, Securities & Health Care Admin.
$10,000 to $25,000 or more (802) 828-3307
Virginia State of Corporation Commission –
Bureau of Financial Institutions
$25,000 (804) 371-9705
Washington Department of Financial Institutions
Division of Consumer Services
$20,000 to $60,000 (360) 902-8703
West Virginia Division of Banking $25,000 (304) 558-2294
Wisconsin Department of Financial Institutions $10,000 (608) 261-7578

 

To apply for this bond visit our mortgage broker / finance lender bond application page.

SOUTH COAST SURETY also has its BAD CREDIT BOND PROGRAM

SOUTH COAST SURETY  writes bonds turned down elsewhere, even Bankruptcies.

For Mortgage Broker / Finance Lender Bonds with Problem Credit or
No Credit Start HERE