Section 1850.50 - Surety Bond(a) All surety bonds, amendments, cancellations, notices of claims, and information related to surety bonds such as riders and endorsements shall be filed with NMLS for transmission to the Commissioner.(b) The surety bond shall be in the form of the "electronic surety bond form," titled "SURETY BOND, DEBT COLLECTION LICENSING ACT LICENSEE BOND," ESB Form Version 1 Effective 07/01/2021, NMLS Version: CA-DFPI - 07/01/2021, incorporated herein by reference in its entirety.(c) For purposes of obtaining a license, an applicant shall initially file a surety bond of at least $25,000.(d) The surety bond shall not be cancelled, in whole or in part, without at least sixty (60) calendar days' notice to the Commissioner by the surety, bonding, or insurance company.(e) The surety bond shall provide that the surety, bonding, or insurance company issuing the bond provide notice to the Commissioner within ten (10) calendar days of service of any action.Cal. Code Regs. Tit. 10, § 1850.50
Note: Authority cited: Section 100003, Financial Code. Reference: Section 995.320, Code of Civil Procedure; and Sections 100006.3 and 100019, Financial Code.
1. New article 4 (section 1850.50) and section filed 12-22-2021; operative 12/22/2021 pursuant to Government Code section 11343.4(b)(3) (Register 2021, No. 52). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.