(a) At the time of filing an application for a license under § 45-13-201(a), the applicant shall also file with the commissioner a surety bond payable to the state, in a form to be approved by the commissioner, for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the licensee. The bond must be issued by a bonding company qualified to do business in this state.
(b) For mortgage loan servicers, the surety bond shall be maintained in the amount of two hundred thousand dollars ($200,000).
(c) For mortgage lenders and mortgage loan brokers, the surety bond shall provide coverage for each mortgage loan originator in an amount in accordance with subsection (d); provided, however, that for the first calendar year of licensing in this state, or for calendar years 2009 and 2010, or both, as applicable, the surety bond for mortgage lenders shall be in the amount of two hundred thousand dollars ($200,000), and the surety bond for mortgage loan brokers shall be in the amount of ninety thousand dollars ($90,000).
(d) The penal sum of the surety bond of any mortgage lender or mortgage loan broker shall be maintained in an amount that reflects the dollar amount of loans originated, as determined by the commissioner.
(e) The bond shall be maintained for not less than twenty-four (24) months following the expiration, revocation, suspension or surrender of the license.
(f) Immediately upon recovery upon any action on the bond, the licensee shall file a new bond to fulfill the requirements of this section.
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