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
(a) Less than $10,000,000 in loans -
bond amount of $100,000;
$10,000,000 or more in loans, but less than $50,000,000 - bond amount of
(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.
Tenn. Comp. R. &
Original rule filed
December 28, 2009; effective May 31, 2010.
Authority: T.C.A. §§
45-5-203(b) and 45-5-501(b).