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Bonds up to $250,000
Expires 12/31
Bonds up to $100,000
Expires 12/31
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Why is an Alabama Mortgage Broker or Consumer Credit Bond Required?
The purpose of the Alabama Mortgage Broker and Consumer Credit Bonds is to regulate mortgage lending and mortgage broker businesses and enforce all applicable statutes of the State of Alabama. The surety bond guarantees faithful performance of the duties and obligations pertaining to the licensed business and the prompt payment of any judgment which may be recovered against the bonded principal for damages or other charges arising directly or collectively from any violation of the provisions of the Alabama Consumer Credit Act, the Alabama Mortgage Broker Licensing Act, or the Alabama Secure And Fair Enforcement for Mortgage Licensing Act. The bonded principal is further obligated to pay and discharge all indebtedness for which it may become liable under the provisions of the state laws, statutes, or ordinances of the State of Alabama, or of any county, municipality, or other political subdivision.