R343-5-2. Surety Bond Requirements

(1) An individual who applies for a mortgage loan originator license must be covered by a surety bond satisfactory to the department in a sum based on the dollar amount of loans originated, as shown below, to reimburse the state for expenses it may incur in connection with any administrative or judicial proceeding against a current or former licensee relating to mortgage lending activity in Utah.

(2) The annual origination volume for each individual residential mortgage loan originator is the basis for determining that individual's required bond amount. Annual origination volume is the sum of the amounts of all loans the individual originated, arranged, booked, brokered, funded, made, or otherwise included in the individual's personal loan production volume during the prior calendar year.

(3) If the annual origination volume for the individual was:

(a) up to $5 million, the required bond amount is $12,500; or

(b) $5 to $15 million, the required bond amount is $25,000; or

(c) over $15 million, the required bond amount is $50,000.