Electronic Surety Bond Adoption
EFFECTIVE February 1, 2019
On January 25, 2019 the Director of the Nebraska Department of Banking and Finance signed the Order Adopting Acceptance of Electronic Surety Bonds for Mortgage Bankers, Installment Loan Licensees, Installment Sales Licensees and Money Transmitter Licensees. Effective February 1, 2019, Electronic Surety Bond (ESB) tracking will be managed through NMLS for the following license types:
• Mortgage Banker License
• Mortgage Banker Registration
• Installment Loan License
• Installment Sales License
• Installment Sales Registration
• Money Transmitter License
Management of ESBs through NMLS will allow for the tracking of surety bond requirements and the maintenance of surety bond information validated by authorized surety companies and/or surety bond producers. After February 1, 2019, new company license applications will be required to meet all surety bond requirements by completing the electronic process. Current licensees must convert all existing surety bonds to NMLS via the submission of an ESB by the date listed on the Conversion Plan found on the State Licensing Requirement page of the NMLS Resource Center. Please thoroughly review the Conversion Plan and take the necessary steps to convert existing surety bonds by the January 31, 2020 deadline. Failure to complete the conversion process may affect your company’s ability to renew your license for the next year. Refer to the renewal section of the Conversion Plan for more information.
Licensees must first grant authority to their surety bond company/producer in NMLS, and then contact the company/producer to prepare the ESB. See the ESB for Licensees page for resources and more information. As noted in the Conversion Plan, there is an ESB Quick Guide on the NMLS Resource Center for your reference.
If you have any questions about the ESB adoption plan, feel free to contact this agency at 402-471-2171or by email at email@example.com. When contacting this agency, please specify the type of license you are referring.