South Carolina § 40-58-40 - Surety bonds; determination of amount; uses.
Full text of South Carolina South Carolina Code of Laws § 40-58-40 — Surety bonds; determination of amount; uses., with citation guidance and answers to common questions.
§ 40-58-40. Surety bonds; determination of amount; uses.
A mortgage broker shall post and maintain a surety bond in an amount determined by the administrator that is based on the total dollar amount of mortgage loans originated in a calendar year pursuant to the following: (1) dollar volume of mortgage loans from $0 to $49,999,999 surety bond of $25,000, (2) dollar volume of mortgage loans from $50,000,000 to $99,999,999 surety bond of $40,000, (3) dollar volume of mortgage loans greater than $100,000,000 surety bond of $55,000. In no case will the surety bond be less than the amount of twenty-five thousand dollars. The surety bond must be executed by a surety company authorized by the laws of this State to transact business within this State. The surety bond must be in a form satisfactory to the administrator, must be executed to the administrator, and must be for the use of the State for the recovery of expenses, fines, and/or fees levied pursuant to this chapter and for consumers who have losses or damages as a result of noncompliance with this chapter by the mortgage broker. The full amount of the surety bond must be in effect at all times. The license of a licensee expires upon the termination of the bond by the surety company, unless a new bond has been filed with the administrator before the termination of the previous bond. In the event that the license expires based on bond termination, all licensed activity must cease and the person must apply for a license pursuant to Section 40-58-50.
HISTORY: 2009 Act No. 67, SECTION 5.
Editor's Note
Prior Laws:1988 Act No. 544; 1989 Act No. 52, SECTION 1; 1993 Act No. 172, SECTION 1; 2005 Act No. 7, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 40-58-40
What does South Carolina Code of Laws § 40-58-40 cover?
Section 40-58-40 ("Surety bonds; determination of amount; uses.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 40-58-40?
A common citation format is "South Carolina Code of Laws § 40-58-40" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 40-58-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.