Lance Surety Bond Associates, Inc.

Arkansas no longer has a surety bond requirement for a proposed insurer to obtain certification from the Insurance Department.  The Department still accepts other forms of security.

Arkansas changed their current law regarding Money Transmitters.  The State eliminated any other form of security besides a surety bond.  Surety Bonds are now a requirement for money transmitters to be in compliance with the state.

Arkansas revised its law for mortgage brokers, bankers, and servicers.  HB 1881 now states that there is no set bond amount.  The Securities Commissioner now determines the bond amount based on the loan activity in the past year of the broker, banker, servicer.  This needs to be of a minimum of $100,000.  These bonds will also cover the employees of the broker, banker or servicer.  Cash or other securities are no longer accepted in lieu of the surety bond.