What is a Florida Title Agency or Title Loan Act Bond?
A Title Agent's Bond is a type of surety bond required in Florida under subsection (1) of section 626.8419, Florida Statutes for the benefit of title insurers appointing the agency. The Title Agent's Bond obligates the bonded principal to perform all duties and responsibilities under agency contracts with each title insurer. Regardless of the number of years this surety bond remains in full force and effect and the number of premiums paid, the surety company's aggregate liability is limited to the penal sum of this surety bond.
The Title Loan Act Surety Bond is a type of surety bond bound to the Financial Services Commission of the Office of Financial Regulation in the penal sum or coverage amount of one hundred thousand dollars. The bond guarantees compliance with the rules and regulations of the Office of Financial Regulation as set forth by the Financial Services Commission. Furthermore, the bond guarantees performance of all duties and responsibilities pursuant to the provisions of the Florida Title Loan Act, Chapter 537, Florida Statutes.
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Why is a Florida Title Agency or Title Loan Act Bond Required?
The Title Agency Bond guarantees performance of all responsibilities and duties required by the principal's agency contract with each title insurer where the principal is licensed. The bond also ensures that principal abides by all rules and regulations of the Florida Department of Financial Services and complies with the provisions of the Title Insurance Agents Law, Part V of Chapter 626, Section 626.841 through 626.8473, Florida Statutes.
The Title Loan Act Surety Bond ensures that the bonded principal complies with Florida state laws and the rules and regulations of the Office of Financial Regulation promulgated by the Financial Services Commission. Violations of these provisions resulting in financial harm to third parties may result in action against the bond and/or suspension or revocation of the state business license.
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