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MORTGAGE LENDERS |
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Must pay $100 fee for first year. |
Initial investigation fee of $100. Annual license
fee of $500 for each office, branch or place of business of licensee,
which shall be due on October 1 of each year. Annual license fee is delinquent on November 1 of each year and there shall be a 10 percent penalty for each month that the licensee is delinquent. assets available for operation of business of at least $25,000. |
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| AK | N/A | available funds $25,000 | |
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Initial registration costs $250; net worth $25,000; BOND $25,000 | Initial registration costs $250; net worth $25,000; BOND $25,000 | |
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Electronic mail |
$800
application for original license. Not more than $65 per hour
for each examiner plus travel and subsistence expense for out-of-state
examinations. - A broker must maintain a bond in the amount of: $10,000 for brokers whose investors are limited solely to institutional investors. $15,000 for brokers whose investors include any noninstitutional investors. |
MORTGAGE BANKER Maintain a net worth of not less than $100,000 $1500 application fee for original license. a bond in an amount computed as follows: - If the licensee’s asset base is not greater than $1,000,000, $25,000 for the first $500,000 plus $5,000 for each $100,000 or fraction thereof over $500,000. - If the licensee’s asset base is greater than $1,000,000, but not greater than $10,000,000, $50,000 plus $5,000 for each $1,800,000 or fraction thereof over $1,000,000. - If the licensee’s asset base is greater than $10,000,000, but not greater than $100,000,000, $75,000 plus $5,000 for each $18,000,000 or fraction thereof over $10,000,000. - If the licensee’s asset base is greater than $100,000,000, $100,000. - If the licensee’s investors are limited solely to institutional investors, $25,000 bond. |
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Don Rasmussen CONSUMER FINANCE LENDERS LAW DEPT. OF CORPORATIONS 3700 WILSHIRE BLVD. LOS ANGELES, CA 90010-3001 213/736-3490 |
Finance Lender that Brokers Appl. fee $200 and investigation fee of $100; net worth of at least $25,000 and to obtain and maintain a $25,000 surety bond | Finance Lender: net worth of at least $25,000 and to obtain and maintain a $25,000 surety bond; Mortgage Banker: $250,000 |
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JACK KINKEL, DEPUTY ADMINISTRATOR DEPT OF LAW COLORADO UCC CODE 1525 SHERMAN ST., 5TH FLOOR DENVER, CO 80203 303/866-4494 |
N/A | |
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MARLEEN MADDOX, EXAMINER DEPT. OF BANKING CONSUMER CREDIT DIVISION 260 Constitution Plaza HARTFORD, CT 06103-1800 860-240-8200 fax 860-240-8178 E_mail larisa.hull@po.state.ct..us |
Non-refundable license fee of $200
to acquire license for strictly mortgage brokering. $40,000 surety bond |
Non-refundable license fee of $400 to acquire license to be either a lender or lender/broker. |
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Banking and Financial Institutions WASHINGTON, DC 202/727-7989 |
available funds $10,000; - A nonrefundable investigation fee of $100 - A nonrefundable application fee of $500, and - A license fee of $500. |
available funds $200,000; - A nonrefundable investigation fee of $100 - A nonrefundable application fee of $500, and- A license fee of $500. |
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SHEILA WILLIAMS OFFICE OF STATE BANKING COMMISSIONER 555 E. LOOCKERMAN STREET, 3210 DOVER, DE 19901 302/739-4235 |
non-refundable investigation fee of $250 at time of application; an annual license fee of $250 upon approval of license and annually thereafter; surety bond of $25,000. | |
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BILL DAVIS DEPT. OF BANKING AND FINANCE, div. of finance STATE CAPITOL BUILDING TALLAHASSEE, FL 32399-0350 904/413-7768//Tallahassee Office 2002 Old St. Augustine Rd. Bldg. B - Room 18 Tallahassee, FL 32301 (904) 487-2904//Northeast Florida Region 1300 Riverplace Blvd., Suite 640 Jacksonville, FL 32202-3477 (904) 390-4660//Northwest Florida Region 4900 Bayou Blvd., Suite 103 Pensacola, FL 32503 (904) 494-7380//Central Florida Region 400 S. Robinson St. Hurston, S. Tower, S225 Orlando, FL 32881-1799 (407) 245-0760//West Central Florida Region 1313 Tampa St., Room 615 Tampa, FL 33602-3394 (813) 272-2565//Southeast Florida Region 111 S. Sapodilla Ave., Suite 211 West Palm Beach, FL 33401-1885 (407) 837-5054//South Florida Region 401 N.W Second Ave., Suite N708 Miami, FL 33128-1796 (305) 377-5213//201 W Broward Blvd., Suite 302 Fort Lauderdale, FL 33301-1885 (305) 467-4239 |
MORTGAGE LENDER audited financial statements documenting net worth of at least $250,000. Nonrefundable application fee of $500 for the principal place of business. Must maintain surety bond of $10,000.CORRESPONDENT MORTGAGE LENDER audited financial statement documenting that the applicant has a bona fide and verifiable net worth of at least $25,000. Nonrefundable application fee of $400. Must maintain a surety bond of $10,000. INDIVIDUAL MORTGAGE BROKER nonrefundable application fee of $200. |
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CRAIG SMITH DEPT. OF BANKING AND FINANCE 2990 Brandywine Road, Suite 200 Atlanta, GA 30341-5565 770-986-1633 fax 770-986-1654/55 PAUL FOSTER (COBB CO. BUS.LIC. COBB COUNTY BUSINESS LIC. 1772 COUNTY FARM ROAD MARIETTA, GA 30050 FOSTER: 404/528-8410 |
MORTGAGE BROKER tangible net worth of $25,000 as demonstrated by an audited financial statement or obtain a corporate surety bond in the amount of $50,000; an investigation fee of $250 plus an initial licensee fee of $400. |
MORTGAGE LENDER verifiable tangible net worth of $250,000 If the applicant’s verifiable net worth is greater than $100,000 but less than $250,000, the applicant may still obtain a license provided that the applicant: Certifies that it will transfer or assign all mortgage loans funded with its own funds, including but not limited to draws on a warehouse line of credit, to another mortgage lender prior to the due date of the first payment by the borrower but in no event later than 45 days after the date of funding.- Submits audited financial statements prepared by an independent CPA establishing that the lender has a verifiable net worth of at least $100,000.Submits a corporate surety bond of $100,000. Mortgage lenders required to register must pay an annual registration fee of $800. Application for branch office must be accompanied by nonrefundable fee of $350. $30 processing fee due with each application for initial or renewal license or registration for each set of fingerprint cards. Nonrefundable investigation fee of $250 for applicants for licenses or registration. |
| HI | Hawaii Department of Commerce and Consumer Affairs |
license fee of $100 for a mortgage broker and $25 for a mortgage solicitor; a $50,000 bond, - A mortgage broker who does not engage in mortgage servicing or collecting may apply for a lower bond requirement of $15,000. |
Financial Services Loan Company License $500,000 |
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ROD REED IOWA DIVISION OF BANKING 200 EAST GRAND AVE, SUITE 300 DES MOINES, IA 50309 515/281-4014 FAX: 515/281-4862 281-7688 |
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TOM ABEL, SUPERVISOR CONSUMER CREDIT DEPT. OF FINANCE STATE OF IDAHO 700 W. State Street, 2nd Floor P.O. Box 83720 BOISE, ID 83720 208/332-8002 |
new worth $10,000; Initial application fee of $200; surety bond of $10,000 |
net worth $10,000 |
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OFFICE OF BANKS AND REAL ESTATE, residential finance 312-793-1409 or 312-793-0291 (TDD). Correspondence should be addressed to 310 South Michigan Avenue, Suite 2130, Chicago, IL 60604-4278. |
Effective January 1, 1999 = Amendment allows an out of state licensee to forgo an Illinois physical presence if the licensee maintains a net worth of $100,000, submits a certified audit and obtains a fidelity bond. APPLICATION FEE 1,000 AND LICENSE FEE 800 |
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DONNA KAYE DEPT OF FINANCIAL INSTITUTIONS 1024 STATE OFFICE BUILDING INDIANAPOLIS, IN 46204 317/232-3955 |
Initial registration fee of $250; bond of $25,000 |
Loan License $100,000 net worth and $50,000 available funds |
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CONSUMER CREDIT COMMISSIONER JAYHAWK TOWER 700 SW JACKSON ST, STE 1001 TOPEKA, KS 66603-3758 785-296-3151 |
initial application for registration fee of $250; bond of $25,000 |
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GARY THURMAN DEPT. OF FINANCIAL INSTITUTIONS 477 VERSAILLES ROAD FRANKFORT KY 40601 502/573-3390 |
Separate checks, payable to the Kentucky
State Treasurer, must be included for the following fees: bond of $25,000 |
Mortgage Loan Company License: $500,000 net worth and $500,000 available funds |
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JOHN BRO/JACK TESHAY OFFICE OF FINANCIAL INSTITUTIONS PO BOX 94095 BATON ROUGE, LA 70804-9095 504/925-4660; 504/922-0634 |
Initial license fee is $100; $25,000 surety bond or maintain a $25,000 trust account. |
Consumer Lender License $25,000 available funds |
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MA Division of Banks Consumer Compliance Unit 100 Cambridge Street Boston, MA 02202 617-727-3145 ext 378 or 366 MRS. NAIVA, COMMISSIONER OF BANKS 617/727-3145 |
(1) net worth of not less than $100,000; or (2) a combination of net worth of not less than $25,000 and a surety bond of up to $75,000 filed with the State Treasurer and Receiver General, which together must total at least $100,000 |
MORTGAGE LENDER (1) net worth of not less than $100,000; or (2) a combination of net worth of not less than $25,000 and a surety bond of up to $75,000 filed with the State Treasurer and Receiver General, which together must total at least $100,000 |
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MISS MARTIN/RONALD TRACEY, EXAMINERS DEPT. OF LICENSING/REGULATION COMMISSIONER OF CONSUMER CREDIT FINANCIAL REGULATIONS 501 ST. PAUL PLACE. 13TH FLOOR BALTIMORE, MD 21202-2272 410./333-6330 |
Nonrefundable investigation fee of $100. Fee of $1,000 for year. Surety bond: $15,000 |
MORTGAGE LENDER Nonrefundable investigation fee of $100. Fee of $1,000 for year. Surety bond requirements:$15,000 |
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RICHARD T. HOWARD PRINCIPAL EXAMINERDEPT OF PROFESSIONAL AND FINANCIAL REGULATION BUREAU OF CONSUMER CREDIT PROTECTION STATE HOUSE STATION 35 AUGUSTA, MAINE 04333-0035 (207) 624-8527 FAX(207)582-5415 |
bond of $10,000 |
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TERRY MYER DEPT. OF COMMERCE 133 E. 7TH STREET ST. PAUL, MN 55101 612/296-4026 |
Initial residential mortgage originator license - $800; no bond required unless broker services loans | |
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Financial Institutions Bureau 333 South Capitol
Avenue, Suite A, Lansing, MI. P.O. Box 30224 Lansing, MI 48909 Main Telephone (517) 373-3460; FAX (517) 335-0908 |
Initial application for a license or application for a license
after the suspension or revocation of the license costs between
$400 and $1,000 for the investigation of the application and between $300 and $800 for the issuance of the license; net worth: $25,000; bond: $25,000 |
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Missouri Division of Finance Chapter 443 RSMo assigns to the Division the responsibility of enforcing the laws which regulate residential mortgage brokers. Supervision includes licensing and examination powers. |
net worth: $25,000; bond: $25,000 |
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MRS. HELEN NAPIER ADMINISTRATIVE SUPERVISING EXAMINER STATE OF MISSISSIPPI DEPT OF BANKING AND CONSUMER FINANCE 304 WALTER SILLERS STATE OFFICE BUILDING 550 HIGH STREET JACKSON, MS 39202 (601)359-1031 FAX (601)359-3557 SOS 359-1333 |
Initial application fee of $300; bond: $25,000 |
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CHRIS OLSEN DEPT OF COMMERCE FINANCIAL DIVISION STATE OF MONTANA HELENA, MT 59601 (406)444-2091 |
n/a | |
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NC Commissioner of Banks 702 Oberlin Road, Suite 400 P.O. Box 10709 RALEIGH, NC 27605-0709 919-733-3016 fax 919-733-6918 |
bond: $25,000 |
lender or broker whose only activity is table
funding must include one of the following: -A surety bond for $25,000. An irrevocable letter of credit for $25,000. -A pledge of securities for $25,000. Lenders must maintain one of the following: -Net worth of at least $250,000 and a surety bond for $25,000 obtained from a company authorized to do business in North Carolina. -A surety bond for $100,000 -An irrevocable letter of credit for $100,000-A pledge of securities, as detailed below, having a par value of $100,000 If the lender is a corporation, at least one of the principal officers must have at least three years experience in residential mortgage lending.$500 initial application fee.No change in fee where applicant seeks to be both a lender and a broker. |
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Department of Banking and Financial Institutions | $300, non-refundable fee for investigating the application, and the sum of $200 for the annual license fee, and provide a surety bond in the sum of $25,000. | |
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GLENN CALLOWAY JEAN SIMPSON NEBRASKA DEPT OF BANKING AND FINANCE POST OFFICE BOX 95006 LINCOLN, NE 68509-5006 (402)471-2171 |
$55 filing fee with the initial disclosure statement | |
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RAY HARON BANKING DEPARTMENT 603/271-3561 |
-No statutory net worth minimum-Must provide a minimum surety
bond of $20,000. $250 yearly license fee |
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Department of Banking and Insurance Division of Banking Office of Consumer Finance 20 West State Street P.O. Box 040 Trenton, NJ 08625-0325 609-292-5360 fax 609-292-5461 |
net worth of $50,000. Initial nonrefundable application fee of $300. Initial branch office nonrefundable application fee of $200. |
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William Vernant, DIRECTOR REGULATION & LICENSING DEPT. FINANCIAL INSTITUTIONS DIVISION 725 ST. MICHAEL'S DRIVE SANTA FE, NM 87504 P.O.Box 25101 Santa Fe, NM 87504 505-827-7100 505-827-7110 505/827-7102 |
bond: $25,000 |
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JACK DEBUSK FINANCIAL INSTITUTIONS DIVISION DEPT. OF BUSINESS & INDUSTRY 2501 E. SAHARA, SUITE 300 LAS VEGAS, NV 89104 702/486-4120 fax 702-486-4563 |
For original application, $1,500 for the principal office and $40 for each branch office. expenses incurred in the process of investigation the Commissioner will charge and collect a fee of $40 per hour |
MORTGAGE LENDER For original application, $1,500 for the principal office and $40 for each branch office. expenses incurred in the process of investigation the Commissioner will charge and collect a fee of $40 per hour |
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State of New York Banking Dept. Legal Financial Services Division 2 Rector Street-21st Floor New York, NY 10006 Attn: Deputy Super. Peter Philbin General no. 212/618-6642 Fax 212-618-6426 |
Investigation fee of $500. surety bond of $25,000 or deposit assets worth $25,000 |
MORTGAGE LENDER -Adjusted net worth of $250,000, and -Existing line of credit of $1,000,000 from an unaffiliated banking institution, insurance company or similar credit facility approved by the Superintendent. A corporate surety bond or pledged deposit in the amount of $50,000, valued at the lower of principal amount or market.Annual license fee of $1,000. |
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RICH KECK Dept of Commerce DIVISION OF Financial Institutions 77 S HIGH STREET, 21st FLOOR COLUMBUS, OH 43266-0121 614/466-2221 |
$350 application fee for each office. bond: $25,000 |
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DEPT. OF CONSUMER CREDIT 4545 LINCOLN BLVD., SUITE 104 OKLAHOMA CITY, OK 73105 405/521-3653 |
$500.00 application fee and $300.00 for each license. | |
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Richard Nockleby, Administrator sharlyn raymert Dept of Consumer and Business Services Consumer finance section DIv. Of fin/corporate securities 350 Winter Street NE SALEM, OR 97310 503/378-4140 |
-A corporate surety bond or irrevocable line
of credit in the amount of $10,000. Initial application fee of $500 for the principal place of business.l Initial application fee of $100 for each branch office.Investigation/audit fee of $60 per hour for each state employee used to conduct the audit.-Travel and per diem costs must also be paid by licensee if audit is conducted out of state.-If the work is performed by a hired consultant, licensee must pay actual cost of hiring the consultant.-Payment for costs incurred in the investigation must be made upon receipt of the invoice. |
-A corporate surety bond or irrevocable line
of credit in the amount of $10,000. Initial application fee of $500 for the principal place of business.l Initial application fee of $100 for each branch office.Investigation/audit fee of $60 per hour for each state employee used to conduct the audit.-Travel and per diem costs must also be paid by licensee if audit is conducted out of state.-If the work is performed by a hired consultant, licensee must pay actual cost of hiring the consultant.-Payment for costs incurred in the investigation must be made upon receipt of the invoice. |
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Cynthia Wirt, Chief Licensing Division Bureau of Licensing and Consumer Compliance DEPARTMENT OF BANKING 333 MARKET STREET, 16TH FL. HARRISBURG, PA 17101-2290 717/787-3717 fax 717-787-8773 |
licensing fee of $500 for the principal place of business;$50 for each branch; a $100,000 surety bond, only if collect fees prior to closing | |
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STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS DEPT OF BUSINESS REGULATION DIVISION OF BANKING 233 RICHMOND STREET, SUITE 231 PROVIDENCE, RI 02903-4231 (401) 277-2405 |
$500 for each loan broker license and each branch; net worth: $10,000; bond: $10,000 |
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Consumer Finance Division Board of Financila Institutions 3rd Floor Calhoun Office Bldg, Box 11905 Columbia SC 29211 803-734-2020 803/734-9452 fax 803-734-9365 e-mail scdca@infoave.net Old Address: Jane Shuler Department of Consumer Affairs 2801 Devine Street Columbia, SC 29250 PO BOX 5757 COLUMBIA, SC 29250-5757 |
First-time processing fee of $200 (nonrefundable). Bond: $10,000 |
none |
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DEPT OF COMMERCE AND REGULATION STATE CAPITOL, 500 EAST CAPITOL AVENUE, |
The original license fee is $150. |
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HAROLD BORUM STATE OF TENNESSEE DEPT. OF FINANCIAL INSTITUTIONS 502 JOHN SEVIER BUILDING 500 CHARLOTTE AVENUE NASHVILLE, TN 37219 615/741-2236 |
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SAME AS BROKER |
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PHYLLIS WOLFENBARGER TEXAS CONSUMER CREDIT COMMISSION 2601 N. LAMAR AUSTIN, TX 78705-4207 512/936-7600 |
application fee $375 for mortgage broker and $175 for loan officer; net worth of $25,000 or bond of $50,000 | tangible net worth (tangible assets less liabilities) of not less than $25,000 |
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STATE OF UTAH DEPT. OF FINANCIAL INSTITUTIONS
P.O. BOX 89, 324 SOUTH STATE, SUITE 201 SALT LAKE CITY, UT 84110-0089 (801)538-8830 |
Nonrefundable initial notification fee of $200. |
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Nicholas C. Kyrus, Deputy Commissioner 804-371-9690 Applications/Licensing STATE OF VIRGINIA BUREAU OF FINANCIAL INSTITUTIONS Tyler Bldg, 8th Floor 1300 E. Main Street Richmond, VA 23219 PO BOX 640 RICHMOND, VA 23218-0640 804/371-9657 fax 804-371-9704 |
Non-refundable application fee of $500 surety bond of $5,000. |
MORTGAGE LENDER at least $200,000 to be used in the operation of its business. Non-refundable application fee of $500 if applicant seeks to be either a lender or a broker. Non -refundable application fee of $1,000 if applicant seeks to be both a lender and broker. surety bond of $5,000. |
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$250 investigation fee. $250 initial license fee. The actual costs of the Commissioner’s examination of the licenser. Bond: $10,000. |
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Mark P. Thompson Dept of Financial Institutions Division of Consumer Services and Administration 210 11th StreetSW Room 300 Olympia, WA 98504 360-902-8703 fax 306-664-2258 206/753-4401 |
bond between $20,000 and $60,000 |
MORTGAGE LENDER a surety bond, approved by the Director, in the amount of $100,000 |
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COLLETTE DEMUE COMMISSIONER OF BANKING 608/266-1621 |
mtg broker app. fee of $750 and loan originator app. fee of $250 bond: $100,000 to qualify for no physical office status |
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TRACY HUDSON DEPARTMENT OF BANKING STATE CAPITOL COMPLEX BUILDING 3, ROOM 311 CHARLESTON, WV 25305 304/558-2294 |
n/a | |
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JOE MULBERRY STATE OF WYOMING DEPT OF AUDIT DIVISION OF BANKING-UCCC HERSCHLER BUILDING-3RD FLOOR 122 WEST 25TH STREET CHEYENNE, WY 82002 (307)777-7797 (307)777-6605 |
n/a = No specific provisions are contained in the Act concerning mortgage brokers; however, a broker could be covered if it acts as a lender. | |