Nebraska Statutes 45-724. Surety bond; requirements
(1) Except as provided in subsection (2) of this section, an applicant for a mortgage banker license or registration shall file with the department a surety bond in the amount of one hundred thousand dollars, furnished by a surety company authorized to do business in the State of Nebraska. The surety bond also shall cover all mortgage loan originators who are employees or independent agents of the applicant. The bond shall be for the use of the State of Nebraska and any Nebraska resident who may have claims or causes of action against the applicant or against an individual who is a mortgage loan originator employed by, or in an independent agent relationship with, the applicant. Submission of a rider to an existing bond indicating that the required coverage is outstanding and evidencing the beneficiaries required in this subsection shall satisfy the requirements of this section. The bond or a substitute bond shall remain in effect during all periods of licensing or registration.
Terms Used In Nebraska Statutes 45-724
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(2) Upon filing of the mortgage report of condition required by section 45-726, a mortgage banker licensee or registrant shall maintain or increase its surety bond to reflect the total dollar amount of the closed residential mortgage loans originated in this state in the preceding calendar year in accordance with the following table. A licensee or registrant may decrease its surety bond in accordance with the following table if the surety bond required is less than the amount of the surety bond on file with the department.
| Dollar Amount of Closed | |
| Residential Mortgage Loans | Surety Bond Required |
| $0.00 to $5,000,000.00 | $100,000.00 |
| $5,000,000.01 to $10,000,000.00 | $125,000.00 |
| $10,000,000.01 to $25,000,000.00 | $150,000.00 |
| Over $25,000,000.00 | $200,000.00 |