SB 0538 Allows residential mortgage brokers to post bond instead of providing annual audits
LR Number:1955L.03T Fiscal Note:1955-03
Committee:Financial and Governmental Organization
Last Action:07/10/01 - Signed by Governor Journal page:
Title:HCS SB 538
Effective Date:August 28, 2001
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Current Bill Summary

HCS/SB 538 - This act allows licensed residential mortgage brokers the option of providing a $100,000 surety bond or $100,000 irrevocable letter of credit instead of an annual audit to the Director of the Division of Finance.

Provisions of this act relating to letter of credit are similar to provisions contained in TAT SB 179 (2001).