Effective October 1st, 2022, the Nationwide Multistate Licensing System will accept three new surety bond types for NMLS electronic surety bond (ESB) filing.
What new surety bonds will be filed electronically with the NMLS starting October 1st?
Rhode Island Debt Collector Registration License Bond
The Rhode Island Department of Business Regulation established a new surety bond requirement for debt collectors working in the state. Governor Daniel McKee signed Senate Bill 2794 into effect on June 29th, 2022. Debt collectors licensed in Rhode Island must now purchase and file a $50,000 surety bond to be filed within NMLS.
South Carolina Mortgage Broker License Bond
The South Carolina Department of Consumer Affairs enforces surety bond requirements for mortgage brokers working in the state. The bond guarantees mortgage brokers in South Carolina will adhere to the Licensing of Mortgage Brokers Act, S.C. Code § 40-58-10 et seq. and provide mortgage broker services to customers as contracted. The bond amount is determined by the principal’s prior year loan volume.
Texas Residential Mortgage Loan Servicer Registration License Bond
The Texas Department of Savings and Mortgage Lending enforces surety bond requirements for mortgage loan service providers working in the state. The bond guarantees mortgage brokers in Texas will adhere to the Residential Mortgage Loan Services Act Section Finance Code 158. The bond amount is determined by the principal’s prior year loan volume.
How does electronic surety bond filing change my bond?
No bond requirements or terms outlined in the legal language of each state’s bond form have changed. The NMLS Commonly Asked Questions page clarifies you won’t need to change your new or existing bond documents for electronic filing.
This update makes the surety bond filing process quicker and easier for all involved parties. Surety providers will now file these surety bond types directly with the NMLS on behalf of their principal clients rather than the principal clients having to file the documentation themselves.
No additional fees are associated with electronic surety bond filing.
How does electronic surety bond filing change my license?
In addition to ESB filing, additional licensing information for these three professions will now be filed directly with NMLS as well. If you’re unsure if you need an electronic surety bond for your license, you can visit the NMLS map to review requirements for your state.
How do I know when new bonds are added to the NMLS ESB filing process?
To stay up-to-date on the surety industry’s latest news, including the NMLS ESB filing process, subscribe to our blog. The NMLS also publishes news updates directly on their website.
Founded in 2009, SuretyBonds.com has streamlined the direct-to-consumer bonding experience by providing efficient, innovative, and informed surety bond solutions nationwide. If you need a surety bond for NMLS licensing purposes, you can find the NMLS bond you need online 24/7 or call 1(800)308-4358 to speak with a surety expert about your NMLS bonding needs.