Both Florida used auto dealer surety bonds and Ohio mortgage broker surety bonds expire on April 30, regardless of the purchase date. Although these two surety bonds expire on the same day, they have different necessary components.
Chapter 330 Section 27.4a of the Florida Statutes dictates the following:
“Each license issued to an independent or wholesale dealer or auction expires annually on April 30 unless revoked or suspended prior to that date. Not less than 60 days prior to the license expiration date, the department shall deliver or mail to each licensee the necessary renewal forms. Each independent dealer shall certify that the dealer (owner, partner, officer, or director of the licensee, or a full-time employee of the licensee that holds a responsible management-level position) has completed 8 hours of continuing education prior to filing the renewal forms with the department. Such certification shall be filed once every 2 years.”
According to Section 1322.05 of the Ohio Laws and Rules,
“The bond shall be in favor of the superintendent of financial institutions and in the penal sum of one-half per cent of the aggregate loan amount of residential mortgage loans originated in the immediately preceding calendar year, but not exceeding one hundred fifty thousand dollars. Under no circumstances, however, shall the bond be less than fifty thousand dollars and an additional penal sum of ten thousand dollars for each location, in excess of one, at which the registrant conducts business.”
This section of legislation dictates that Ohio mortgage brokers must post a surety bond amounting to anywhere from $50,000 – $150,000. Because the price varies on the number of locations where a broker conducts business, the renewal cost of a mortgage broker surety bond might differ from the initial price.
Applicants seeking to renew either their Florida used auto dealer surety bonds or Ohio mortgage broker surety bonds can typically expect to pay the same price or a similar rate for their renewal that they paid initially for their now-expiring bond, barring any changes to business volume or personal credit score, as specified above.
The SuretyBonds.com renewal process is fast, easy and accurate! Our clients can expect reminders from our specialists about their impending surety bond expiration dates 90, 60 and 30 days out. The April 30 expiration date for these two bond types is quickly approaching at just more than 30 days out. Bonds can be renewed over the phone in just minutes to help you get the coverage you need to remain in compliance with the laws of your state and industry.
To renew a surety bond or speak directly with a surety specialist, call 1 (800) 308-4358 Monday through Friday between 7 a.m. and 7 p.m. CST, or fill out our instant online contact form.