The Kentucky Mortgage Loan Company Bond is required by the Commonwealth of Kentucky Department of Financial Institutions. According to the laws of the state, (specifically KRS Chapter 286.8), a “mortgage loan company” is any person who directly or indirectly:
In order to conduct business as a mortgage loan company in Kentucky, all applicants must file a surety bond with the Commissioner of the Department of Financial Institutions.
The required bond amount is $250,000.
The Kentucky Mortgage Loan Company Bond ensures that the Principal will fully comply with all provisions of KRS Chapter 286.8. The bond also guarantees compensation for any person injured by wrongdoing of the Principal. The bond is continuous in nature; therefore, it remains in full force and effect until the bond is cancelled. The Surety may cancel the bond at any time by providing written notice to the Commissioner of the Department of Financial Institutions 30 days prior to the effective cancellation date.
All fees are required by the obligee, not the Surety Company.
At surety1.com, we make it easy to apply for this, and all surety bonds. Simply complete our user friendly, online application, and usually within 1 business day one of our professional surety agents will contact you with a firm quote. Next ou will sign some paperwork, make payment and the bond will be shipped to you via traceable mail. Overnight shipping is also available.
Surety1 is a service of AssuredPartners, one of the largest and fastest growing insurance brokerages in the nation. Since 2003, Surety1.com is the premier online provider of surety bonds nationwide.