A New York mortgage broker registrant in 2026 asks what bond range applies to it. What statutory bond range applies to a mortgage broker registrant?
Correct Answer
C) Not less than $10,000 and not more than $100,000
A registrant bond shall in no case be less than ten thousand dollars nor more than one hundred thousand dollars. Other choices: the broker range is one fifth of the banker range at both ends; $50,000 to $500,000 is the banker range; and the middle figures appear nowhere. Source: N.Y. Banking Law § 591-a(3)
Why This Is the Correct Answer
A registrant bond shall in no case be less than ten thousand dollars nor more than one hundred thousand dollars. Other choices: the broker range is one fifth of the banker range at both ends; $50,000 to $500,000 is the banker range; and the middle figures appear nowhere. Source: N.Y. Banking Law § 591-a(3)
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