443.731. Surety bond requirements. - Missouri Statutes

Surety bond requirements.

443.731. 1. (1) Each mortgage loan originator shall be covered bythe surety bond for the Missouri licensed mortgage broker supervising themortgage loan originator and for whom the mortgage loan originator acts asan employee or exclusive agent.

(2) The surety bond shall be in a form as prescribed by the directorand shall provide coverage in an amount as prescribed in subsection 2 ofthis section.

(3) The director may promulgate rules with respect to therequirements for such surety bonds as are necessary to accomplish thepurposes of sections 443.701 to 443.893.

2. The penal sum of the surety bond shall be maintained in an amountthat reflects the dollar amount of loans originated as determined by thedirector but shall in no case be less than fifty thousand dollars or morethan one million dollars.

3. When an action is commenced on a licensee's bond, the director mayrequire the filing of a new bond.

4. Immediately upon recovery on the bond, the licensee shall file anew bond.

(L. 2009 H.B. 382)

Effective 7-08-09