South Carolina Mortgage Broker Special Deposit Bond
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How much does a mortgage loan broker bond cost in South Carolina?
The South Carolina Department of Consumer Affairs requires mortgage loan brokers to post special deposit surety bonds prior to conducting business. Applicants should verify their required bond amount with the state prior to bonding.
Mortgage broker special deposit bonds are subject to underwriting consideration. Because the required amount and, therefore, the price of these bonds can vary so much, our surety professionals recommend submitting a bond request to receive your free, no-obligation bond quote.
Why do I need this bond?
Mortgage loan broker special deposit surety bonds are required by Section 40-58-40 of the Code of Laws of South Carolina. By posting this bond, principals (mortgage loan brokers) pledge to transact business according to the laws of the state. If the principal violates this code, the bond protects the state and consumers from financial loss up to the full bond amount.
What’s the fine print?
The surety can cancel a mortgage broker bond in South Carolina by giving written notice of cancellation to the administrator of the Department of Consumer Affairs. Cancellation becomes effective 45 days after the notice is received. The bond can also be terminated if the administrator mails written authorization to the surety.
The bond form must be acknowledged by a notary public.
How to become a mortgage broker in South Carolina
Mortgage broker applicants must obtain a license before commencing business operations. Applicants must apply through the Nationwide Mortgage Licensing System online. Required documentation and information for this license include the following:
- identification of qualifying individual
- credit report
- fingerprints for criminal records check
- financial statements
- business plan
- Certificate of Authority
- management chart
- surety bond
Mortgage broker applicants must also pay any required licensing fees and complete 20 hours of pre-licensing courses. Once licensed, mortgage brokers must complete at least eight hours of continuing education per year.
Before you can get licensed as a mortgage broker in South Carolina, you must obtain a surety bond. Fill out our easy bond request form for a free quote!
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.
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