Tenn. Comp. R. & Regs. 0180-32-.02 - SURETY BOND REQUIREMENTS

(1) As a condition of renewal of a certificate of registration for a registrant that makes residential mortgage loans, the registrant shall file a surety bond in a form approved by the commissioner, providing coverage for each of its mortgage loan originators in an amount reflecting the dollar amount of Tennessee residential mortgage loans originated by the registrant in the calendar year immediately preceding the calendar year in which the renewal application is filed, as follows:
(a) Less than $10,000,000 in loans - bond amount of $100,000;
(b) $10,000,000 or more in loans, but less than $50,000,000 - bond amount of $200,000; or
(c) $50,000,000 or more in loans - bond amount of $300,000.
(2) If the renewal application is being filed in a calendar year in which the certificate of registration was issued, or in a year in which the certificate of registration was issued in the immediately preceding calendar year, the registrant shall file as a condition of renewal a surety bond providing coverage for each of its mortgage loan originators in the amount of $200,000.

Notes

Tenn. Comp. R. & Regs. 0180-32-.02
Original rule filed December 28, 2009; effective May 31, 2010.

Authority: T.C.A. ยงยง 45-1-107(h), 45-5-202(c), 45-5-203(b) and 45-5-501(b).

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