# S.C. Code Ann. § 40-58-40: SECTION 40-58-40. Surety bonds; determination of amount; uses

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-40

## Section

- **Citation:** S.C. Code Ann. § 40-58-40
- **Heading:** SECTION 40-58-40. Surety bonds; determination of amount; uses
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 40 / Chapter 58 / Section 40-58-40

## Text

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. 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.

## Nearby sections

- [S.C. Code Ann. § 40-58-10 SECTION 40-58-10. Citation of chapter; mortgage loan broker requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-10.md)
- [S.C. Code Ann. § 40-58-20 SECTION 40-58-20. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-20.md)
- [S.C. Code Ann. § 40-58-30 SECTION 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-30.md)
- [S.C. Code Ann. § 40-58-40 SECTION 40-58-40. Surety bonds; determination of amount; uses.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-40.md)
- [S.C. Code Ann. § 40-58-50 SECTION 40-58-50. Application for licensure; applicant work experience and education requirements; exceptions; license required for qualified loan originator.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-50.md)
- [S.C. Code Ann. § 40-58-60 SECTION 40-58-60. Issuance of license; contents and posting; issuance as indication of approval of contracts by State or state agency; correction of errors; advertising.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-60.md)
- [S.C. Code Ann. § 40-58-65 SECTION 40-58-65. Maintenance, availability, and examination of records; mortgage loan logs; official place of business; notice to close branch office or to cease business in State.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-65.md)
- [S.C. Code Ann. § 40-58-67 SECTION 40-58-67. Continuing professional education requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-67.md)
- [S.C. Code Ann. § 40-58-70 SECTION 40-58-70. Prohibited activities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-70.md)
- [S.C. Code Ann. § 40-58-75 SECTION 40-58-75. Mortgage broker fee agreements disclosing charges.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-75.md)
- [S.C. Code Ann. § 40-58-78 SECTION 40-58-78. Mortgage broker fee agreement requirements; penalty for violations; unintentional violations.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-78.md)
- [S.C. Code Ann. § 40-58-80 SECTION 40-58-80. Denial, suspension, revocation, or nonrenewal of license; grounds; administrative penalty; cease and desist orders; investigation or examination of loans; notification of national registry.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-80.md)
- [S.C. Code Ann. § 40-58-90 SECTION 40-58-90. Request for contested case hearing before Administrative Law Court.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-90.md)
- [S.C. Code Ann. § 40-58-100 SECTION 40-58-100. Authority to promulgate regulations.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-100.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-40. Check the current official text before relying on it. Not legal advice.