Fillable NCCOB - Form MLA11 Good Funds Settlement Bond

Fill Online, Printable, Fillable, Blank NCCOB - Form MLA11 Good Funds Settlement Bond Form

Use Fill to complete blank online NORTH CAROLINA OFFICE OF THE COMMISSIONER OF BANKS (NC) pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

NCCOB - Form MLA11 Good Funds Settlement Bond

On average this form takes 11 minutes to complete

The NCCOB - Form MLA11 Good Funds Settlement Bond form is 3 pages long and contains:

  • 2 signatures
  • 0 check-boxes
  • 35 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

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
MLA11
Rev. 0
6/16/2010
1
SURETY BOND
UNDER THE
GOOD FUNDS SETTLEMENT ACT
Bond Amount $ Bond No.
THIS SURETY BOND is given by ,
(Address),
City of , County of ,
and State of ,as Principal, and ,
as Surety, a corporation organized under the laws of the State of , and
licensed to transact a surety business in the State of , to the
North Carolina Office of the Commissioner of Banks (the “Commissioner”) under the following terms
and conditions.
Principal and Surety are held and firmly bound unto the Commissioner for the use and benefit of the
State of North Carolina, and any settlement agent with a claim against the Principal, in the sum of
dollars ($ ),
the payment of which Principal and Surety jointly and severally bind themselves, their successors, assigns,
and their legal representatives, for any liability incurred with respect to disbursement of settlement proceeds
under the Good Funds Settlement Act, Chapter 45A of the North Carolina General Statutes, as amended,
Session Law 2001-420.
WHEREAS, the Principal is currently licensed as a Mortgage Lender with the Commissioner under
Article 19A of Chapter 53 of the North Carolina General Statutes, the Mortgage Lending Act, Session Law
2009-374; and
WHEREAS, the Good Funds Settlement Act provides that a settlement agent may disburse
settlement proceeds in a residential mortgage loan transaction from the agent’s trust or escrow account in
reliance on a check deposited to such accounts issued by a Mortgage Lender licensed with the Commissioner
under Article 19A of Chapter 53 of the General Statutes that has posted with the Commissioner, and in a
form satisfactory to the Commissioner, a surety bond of at least $300,000.
MLA11
Rev. 0
6/16/2010
2
NOW, THEREFORE, the condition of the foregoing obligation is such that:
1. If the Principal, as primary obligor, will faithfully conform to, abide by, and honestly and
faithfully perform all the obligations under the Good Funds Settlement Act and shall pay and satisfy any
claim due a settlement agent by reason of Principal’s violation of the Good Funds Settlement Act, then 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. Provided, however, such notice shall not affect any liability arising prior to
the effective cancellation of this surety bond.
3. In no event shall the aggregate liability of the Surety for any and all claims to one or more
claimants hereunder exceed the penal sum of the surety bond.
4. This bond shall become effective , 2 , 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.
IN WITNESS WHEREOF, the Principal and Surety hereto have executed this surety
bond this day , 2 .
_________________________________________
Principal
Attest: ____________________ By: _______________________________________
Signature
Title: ____________________
Title: ___________________________________
________________________________________
Surety
Attest: ____________________ By: _______________________________________
Signature
Title: ____________________
Title: ___________________________________
Persons executing for the Surety, other than corporate
officers, must attach a Power of Attorney authorizing
them to execute a surety bond.
click to sign
signature
click to edit
click to sign
signature
click to edit
ML
A
11
Rev. 0
6/16/2010
3
Mailing Address of the Surety:
Tel. No. ( )
Mailing Address of the Commissioner of Banks:
Office of the Commissioner of Banks
4309 Mail Service Center
Raleigh, NC 27699-4309
919-733-3016
NAME, ADDRESS AND TELEPHONE NUMBER OF SURETY CONTACT
IN THE EVENT A CLAIM MUST BE FILED.
Name: Tel. No:
Title: Fax. No:
Address: E-Mail:
(City, State and Zip Code)
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

NCCOB - Form MLA11 Good Funds Settlement Bond

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 23 May 2020

Message

View Audit Log
Print With Audit Log
Duplicate Document