Fillable NCCOB - Reverse Mortgage Lender Surety Bond

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NCCOB - Reverse Mortgage Lender Surety Bond

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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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1
Rev. 09/07/2018
Bond No. __________
REVERSE MORTGAGE LENDER
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.
Amount of the bond: One Hundred Thousand Dollars ($100,000.00).
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 Articles 19B and 21 of Chapter 53 of the North Carolina General Statutes, the
North Carolina Secure and Fair Enforcement Mortgage Licensing Act (“NC SAFE Act”) and the
Reverse Mortgage Act (“RMA”), respectively, as may be periodically amended.
The Principal has applied for or been granted authorization to engage in reverse mortgage
lending under the RMA and is therefore required to post and maintain a surety bond in the above
sum as required by Title 4, Subchapter 3K, Section .0302 of the North Carolina Administrative
Code.
NOW THEREFORE, the condition of the foregoing obligation is such that:
2
Rev. 09/07/2018
1. If the Principal faithfully performs all its obligations under the RMA, 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. This bond shall run to the State for the benefit of any claimants against the
Principal for the faithful performance of the Principal’s obligations under the RMA. Claimants
against the Principal may submit bond claims directly to the surety or bring suit directly on the
bond, or the Commissioner may bring suit on behalf of claimants, either in one action or
successive actions. N.C. Gen. Stat. §§ 53-244.103(c) and 53-271.
4. 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.
5. Surety agrees by issuing this bond that it will report any claims paid under this
bond to the Commissioner within ten (10) days.
6. Should the Commissioner determine that the Principal has violated any provision
of the RMA 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. N.C. Gen. Stat. §§ 53-
244.116(a)(4) and 53-271.
3
Rev. 09/07/2018
7. 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.
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
316 W. Edenton St.
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)
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4
Rev. 09/07/2018
E-mail: _________________________________________
Tel. No.: _________________________________________
Fax No.: _________________________________________
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NCCOB - Reverse Mortgage Lender Surety Bond

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Completed 23 May 2020

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