Posted by Alice/MD on 1/11/11 2:27pm
Msg #368040

$150 K Surety Bond for MD TPL

What is going on with the need for us to carry our surety bond? I am due to renew my TPL license in August 2011. Are we still required to have a $150 thousand Surety Bond? Just interested in knowing how it was handled with renewals since the new law was passed.

Reply by Ilene C. Seidel on 1/11/11 3:12pm
Msg #368048

Alice, I kept mine because I can't get the title companies to give me letters of approval from the underwriters, even the ones that use me regularly. It's really your call whether you keep it or not. HOWEVER, if there's an issue and you don't have a letter from the title company assuring you are covered I wish you luck. MIA knows how I feel and know I will continue to carry my own. It is not mandantory, you did sign an affidavit stating you guarantee you are covered under the title companies bonds.

Reply by Alice Jones on 1/11/11 3:21pm
Msg #368053

I intend to keep mine Surety Bond also, Ilene... but ,I would like to know, and be clear on the requirements and the enforcement.

Reply by Ilene C. Seidel on 1/11/11 3:32pm
Msg #368057

I suggest you call MIA for the legal issues. I don't think anyone in the chatroom can help you.
Here is the person I've spoken to: Corey Walker (410) 468-2382
If Corey can't answer your questions she will give you to someone who can. Let me know how it goes, ok?