License Bonds

SB 2913 would subject mobility dealers to the existing licensing and bond requirements for motor vehicle dealers. Mobility dealers are those who sell more than five mobility vehicles in a year. Such vehicles are specially equipped to transport a person with a disability and include mechanical devices such as wheel chair lifts or ramps. Current

SB 708 would require debt settlement service providers to be licensed and post a $200,000 surety bond conditioned on the licensee’s compliance with the proposed law. The bond would secure the payment of any funds owed to persons damaged by the provider s noncompliance with the law or any funds owed to the State for

SB 741/HB 1022 would require debt settlement service providers to register and obtain a $50,000 surety bond. The bond would have to be issued by a surety company authorized to do business in the State. The bond would be conditioned on compliance with the applicable state and federal laws and regulations. Both chambers passed a

SB 42 bill pending would require mortgage loan modification service providers (service provider) to register and post a $100,000 surety bond. The bond would run to the State for the benefit of the Attorney General and any consumer suffering damages as a result of the service provider s wrongful act, omission, default, fraud or misrepresentation

SB 1110 would revise the existing licensing laws for mortgage lenders, brokers and originators. Existing law requires a minimum $40,000 surety bond. The law requires the bond amount to reflect the licensee’s loan origination volume and is to be set by regulations. Instead, the bill would require mortgage lenders and correspondent mortgage lenders to post

AB 359 would regulate foreclosure consultants. The bill would require such consultants to post a surety bond in the amount that the Director of the Division of Consumer Affairs prescribed by regulations. Such consultants would not include banks, savings banks, savings and loan associations, credit unions or other federally insured financial institutions or insurance companies.

HB 549 would require debt adjustment service providers to be licensed and post a surety bond from a bonding or insurance company authorized to do business in the State. The bond would have to be in the amount that the Director of Commerce will determine based on the licensee’s financial condition, experience and risk to