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:
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| 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 |
See Mortgage Broker / Finance Lender Standard Bond Rates HERE
Get the Mortgage Broker / Finance Lender Standard Bond Applications HERE
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
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