§ 12-10-717 — Bond required - rules

(1) Before receiving a license, an applicant
shall post with the board a surety bond in an amount prescribed by the board by
rule. A licensed mortgage loan originator shall maintain the required bond at all
times. The surety bond may be held by the individual mortgage loan originator or
may be in the name of the company by which the mortgage loan originator is
employed. The board may adopt rules to further define surety bond requirements.

(2) The surety shall not be required to pay a person making a claim upon the
bond until a final determination of fraud, forgery, criminal impersonation, or
fraudulent representation has been made by a court with jurisdiction.

(3) The surety bond shall require the surety to provide notice to the board
within thirty days if payment is made from the surety bond or if the bond is
canceled.

Legislative History

Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 709, � 1, effective October 1.