Surety bonds: Duty of mortgage servicer to deposit bond with Commissioner; form and amount of bond.

1. Each mortgage servicer shall deposit with the Commissioner and maintain in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 3, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the mortgage servicer and the employees or agents of the mortgage servicer. 2. The bond must be in a form prescribed by the Commissioner. 3. Each mortgage servicer shall deposit a corporate surety bond that complies with the provision of this section as follows: (a) For an annual mortgage loan servicing volume of less than $50,000,000, the mortgage servicer must maintain a corporate surety bond of not less than $100,000. (b) For an annual mortgage loan servicing volume of $50,000,000 but less than $500,000,000, the mortgage servicer must maintain a corporate surety bond of not less than $200,000. (c) For an annual mortgage loan servicing volume of $500,000,000 or more, the mortgage servicer must maintain a corporate surety bond of not less than $300,000. 4. For the purposes of subsection 3, the Commissioner will determine the annual mortgage loan servicing volume using the activity reports filed with the Commissioner by the mortgage servicer pursuant to NAC 645F.984 . 5. The Commissioner may prescribe a single bond form pursuant to this section that will satisfy the bonding requirements of the Nevada Mortgage Servicer Regulations and chapter 645B or 645E of NAC for a person who has been issued a supplemental mortgage servicer license pursuant to NAC 645F.952 .