The bond states that the the bond holder, the bond holder’s agents, and their employees shall strictly, honestly, and faithfully comply with the provisions of chapter 645B of the Nevada Revised Statutes, and pay all damages suffered by any person because of a violation of any of the provisions of chapter 645B of the Nevada Revised Statutes, or by reason of any fraud, dishonesty, misrepresentation or concealment of material facts growing out of any transaction governed by the provisions of chapter 645B of the Nevada Revised Statutes.
The required amount for the Nevada Mortgage Broker Surety Bond is $50,000.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Valid: Continuous – Renewable
Since this bond is continuous, it is in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified of the cancellation at least 60 days before the cancellation date.
All licensing fees are required by the obligee, not the surety company.