10VAC5-220-20: Surety bond standards

Pursuant to § 6.2-2604 of the Code of Virginia, a surety bond shall be filed with the commissioner and continuously maintained thereafter in full force by each licensee. The form of the bond will be prescribed and provided by the commissioner. The bond amount required for licensure shall be $50,000 or such other amount as may be prescribed by the commissioner, but not exceeding $500,000. After initial licensure, the bond amount required may be adjusted annually as the commissioner deems necessary based upon information related to the licensee's servicing volume and other factors the commissioner deems pertinent.