A Maryland applicant in 2026 asks what surety bond the Commissioner will require of it. What statutory range applies to the mortgage lender surety bond?
Correct Answer
D) Between $50,000 and $750,000, as the Commissioner determines
The bond must be in an amount of not less than $50,000 and not more than $750,000, as determined by the Commissioner for each licensee. Other choices: the amount is set per licensee rather than flat; the range is not $25,000 to $100,000; and the applicant does not set it. Source: Md. Fin. Inst. § 11-508(c)(1)
Why This Is the Correct Answer
The bond must be in an amount of not less than $50,000 and not more than $750,000, as determined by the Commissioner for each licensee. Other choices: the amount is set per licensee rather than flat; the range is not $25,000 to $100,000; and the applicant does not set it. Source: Md. Fin. Inst. § 11-508(c)(1)
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