Mortgage Broker-Dealer Surety Bond Form - Washington State Securities Division printable pdf download

Washington State Securities Division

P.O. Box 9033

Olympia, WA 98507-9033

(360) 902-8760

MORTGAGE BROKER-DEALER SURETY BOND

BOND NUMBER ___________

KNOW ALL MEN BY THESE PRESENTS:

That, _____________________________________________________, as

Principal, having filed with the Washington State Securities Division on or about the

______ day of _________________, 20___, an application to transact business in the

State of Washington as a Mortgage Broker-Dealer pursuant to WAC 460-33A, and

____________________________________________________, as Surety, a corporation

organized under the laws of the state of ___________________________; and being duly

authorized to transact the business of indemnity and suretyship in the State of

Washington; do hereby acknowledge our indebtedness to the State of Washington, for the

use and benefit of any person(s) having a claim under the conditions of this obligation, in

the sum of One Hundred Thousand Dollars ($100,000), as required by WAC 460-33A-

040(1)(b); provided, however, that the aggregate liabilities hereunder shall not exceed the

sum of One Hundred Thousand Dollars ($100,000), regardless of the number of

claimants, and shall not be construed as individual liability.

Liability for the payment of this sum, to which we hereby obligate and bind

ourselves, our heirs, executors, administrators, successors and assigns, jointly and

severally, becomes effective upon the following conditions:

1. Approval by the Administrator of the Washington State Securities Division of

the Principal’s application to transact business in this state as a Mortgage

Broker-Dealer; and

2. Failure by the Principal to strictly comply with all applicable provisions of,

and all orders, rules, and regulations issued pursuant to, the Washington State

Securities Act.

This Bond shall expire at such time as the Principal’s registration is withdrawn,

terminates through non-renewal, or is revoked by the Securities Division except as to

liabilities of the Principal arising prior to such time. This Bond may also be cancelled by

the Surety upon 30 days written notice by registered mail to the Principal and to the

Securities Division. At the end of the 30 day period, the Bond shall be deemed cancelled

except as to liabilities of the Principal arising prior to the date of cancellation. The notice

of cancellation shall be deemed effective and the 30 day period shall begin to run upon

MORTGAGE BROKER-DEALER SURETY BOND

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Revised May 30, 2002

Mortgage Broker-Dealer Surety Bond Form - Washington State Securities Division