Summary

The New York State Department of Financial Services has issued a revised surety bond form and deposit agreement to align with regulatory changes in Part 410. Licensed mortgage bankers must obtain and file these updated documents by the July 1, 2004, compliance deadline.

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Industry Letter

February 2, 2004

To the Licensed Mortgage Banker addressed:

Re: Revised Bond Form and Deposit Agreement - Mortgage Bankers

Due to the recent changes and additional language in Part 410 the Department has had to revise the bond form and deposit agreement. The enclosed bond form and deposit agreement reflect the current changes. Please use this form for obtaining the increased surety bond which must be in place by July 1, 2004.

Once you obtain the new surety bond please submit it to:

New York State Banking Department
Mortgage Banking Division
Special Projects Unit
1 State Street
New York, NY 10004

If you have any questions please contact Senior Bank Examiner Mian Ahmed at 212 709-5568 or Supervising Bank Examiner Timothy Pang at 212 709-5542.

Very truly yours,

Kenneth Bielemeier
Deputy Superintendent of Banks

Common questions

What does "Revised Bond Form and Deposit Agreement - Mortgage Bankers" cover?

The New York State Department of Financial Services has issued a revised surety bond form and deposit agreement to align with regulatory changes in Part…

Which agency issued this update?

This update was issued by New York State Department of Financial Services.

When was it published?

It was published on February 2, 2004.

Revised Bond Form and Deposit Agreement - Mortgage Bankers

Summary

Industry Letter

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