The South Carolina Mortgage Broker Bond is required by the Administrator of the Department of Consumer Affairs of the State of South Carolina.
According to the National Mortgage Licensing System, South Carolina requires a license of “any person…who acts as a mortgage broker, for compensation or gain… by:
Obtaining a surety bond is a licensing requirement for mortgage brokers under Section 40-58-40 of the Code of Laws of South Carolina. The South Carolina Mortgage Broker Bond ensures that mortgage brokers comply with the Licensing of Mortgage Brokers Act, South Carolina Code Section 40-58-10. The bond also provides financial compensation for any persons injured in case of noncompliance by the broker.
The South Carolina Mortgage Bond is continuous in nature; therefore, it remains in full force and effect until cancelled. The Surety can cancel the bond at any time with written notice to the Administrator at least 45 days from the effective cancellation date.
All fees are required by the obligee, not the Surety Company.
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