South Carolina HB 3790 requires mortgage
loan originators to be covered by a bond. The new law requires that the bond covering the originator must be in an amount based on the originator’s loan volume. Under the law enacted in 2009, a mortgage lender can be required to post a bond in an amount ranging from $50,000 to $150,000 and a mortgage broker can be required to post a bond for $25,000 to $55,000.