Fillable NCCOB - Form MLA02 Mortgage Broker Surety Bond

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NCCOB - Form MLA02 Mortgage Broker Surety Bond

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The NCCOB - Form MLA02 Mortgage Broker Surety Bond form is 3 pages long and contains:

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  • 3 check-boxes
  • 30 other fields

Country of origin: US
File type: PDF

U.S.A. forms for North Carolina Office of the Commissioner of Banks

BROWSE NORTH CAROLINA OFFICE OF THE COMMISSIONER OF BANKS (NC) FORMS

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Form: MLA02 1
Rev. 05/28/2014
Bond No.
MORTGAGE BROKER
SURETY BOND
This SURETY BOND is given by the Principal:
Company Name:
Address:
City, State, Zip:
County: .
The Surety is:
Company Name:
Address:
City, State, Zip:
County: ,
a corporation organized under the laws of the State of and licensed
to transact a surety business in the State of North Carolina under the following terms and
conditions.
Select the amount of the bond:
☐ Seventy-Five Thousand Dollars ($75,000.00)
☐ One Hundred Twenty-Five Thousand Dollars ($125,000.00)
☐ Two Hundred Fifty Thousand Dollars ($250,000.00)
Principal and Surety are held and firmly bound unto the North Carolina Office of the
Commissioner of Banks (“Commissioner”) for the use and benefit of claimants against the
Principal in the above sum, the payment of which Principal and Surety jointly and severally bind
themselves, their successors, assigns, and legal representatives, to secure the faithful
performance of the obligations of the Principal for its conduct and that of its officers, employees
and agents under Article 19B of Chapter 53 of the North Carolina General Statutes, the North
Carolina Secure and Fair Enforcement Mortgage Licensing Act (“NC SAFE Act”) as it now
exists or is later amended.
The Principal has applied for or been granted licensure as a mortgage broker under the
NC SAFE Act, and is therefore required to post and maintain a surety bond in the above sum.
Form: MLA02 2
Rev. 05/28/2014
NOW, THEREFORE, the condition of the foregoing obligation is such that:
1. If the Principal faithfully performs all its obligations under the NC SAFE Act
with respect to acting as a mortgage broker, this obligation will be void; otherwise the same will
remain in full force and effect.
2. The Surety may terminate its obligation under this surety bond by giving the
Commissioner ninety (90) days written notice at the address shown below. Provided, however,
such notice shall not affect any liability arising prior to the effective date of cancellation of this
surety bond; and, the Principal and Surety shall be and remain liable for a period of five (5) years
from the date of any action or inaction of Principal that gives rise to a claim under this bond prior
to its effective cancellation, unless released in writing, in whole or in part, from such liability by
the Commissioner.
3. In no event shall the aggregate liability of the Surety for any and all claims to one
or more claimants hereunder exceed the principal sum of the surety bond. Provided, however,
that if a claim is made and paid under this bond, the Surety shall promptly notify the Principal of
the payment of such claim, and the Principal shall have thirty (30) days within which to obtain an
endorsement from the Surety to reinstate the total coverage of the bond to its original principal
sum.
4. Surety agrees by issuing this bond that it will report promptly (within ten (10)
days) to the Commissioner any claims paid under this bond.
5. Should the Commissioner determine that the Principal has violated any provision
of the NC SAFE Act and issue an order instructing the Principal to pay certain monies to a
claimant(s) by a date certain, or should the Principal agree to pay certain monies to a claimant(s)
by a date certain pursuant to a consent order or its equivalent, then upon notice from the
Commissioner that such amount has not been paid by Principal, Surety agrees to and will
promptly (within thirty (30) days) remit the payment as instructed by the Commissioner.
6. This bond shall become effective , 20, and shall
continue in full force and effect until such time as the same is canceled as provided herein or as
otherwise provided by law.
Form: MLA02 3
Rev. 05/28/2014
IN WITNESS WHEREOF, the Principal and Surety hereto have executed this surety
bond this  day of , 20 .
Principal
Attest: ____________________ By: ________________________
Signature
Title: ____________________ Name:
Title:
Surety
Attest: ____________________ By: ________________________
Signature
Title: ____________________ Name:
Title:
Persons executing for the Surety, other than corporate officers, must attach a Power of Attorney
authorizing such person to execute surety bonds.
Commissioner’s Mailing Address:
Office of the Commissioner of Banks
4309 Mail Service Center
Raleigh, NC 27699-4309
Telephone 919-733-3016
Surety, please provide mailing address and contact information for claims submission, if
different from above:
Name:
Title:
Address:
(City, State and Zip Code)
E-mail:
Tel. No.:
Fax No.:
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NCCOB - Form MLA02 Mortgage Broker Surety Bond

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Completed 23 May 2020

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