Indiana Department of Financial Institutions Mandatory NMLS ESB Conversion

Indiana Department of Financial Institutions Electronic Surety Bond Conversion Plan

Contact the Warnock Agency at 866-546-4605 to have your surety bonds electronically uploaded to NMLS.

Who is required to convert their surety bond to NMLS?
Indiana became the first state to require Electronic surety bonds (ESB) for the license/registration types in NMLS starting September 12, 2016. Companies holding any of these license/registration types are required to convert their existing surety bond to NMLS via the submission of an ESB by December 31, 2016.
  • Debt Management License
  • Exempt Company Registration
  • First Lien Mortgage Lending License
  • Money Transmitter License
  • Subordinate Lien Mortgage License
Has the agency surety bond form changed?
The bond form has changed for all license types mentioned above. Below are the changes made to the form.
  • Replaced the city, county, and state with the NMLS Unique Identification Number.
  • Language was added to the bond to cover all properly registered trade names.
  • Removed the corporate seal and power of attorney.
Will this affect license renewal?
All license types listed below will be required to convert to the ESB in NMLS in order to renew for 2017.
  • Debt Management License
  • Exempt Company Registration
  • First Lien Mortgage Lending License
  • Money Transmitter License
  • Subordinate Lien Mortgage License

Electronic Surety Bond Conversion Process

What should licensees/registrants do first?
Current licensees/registrants must first grant authority to their surety bond producer in NMLS. Licensees/registrants must then contact their surety bond producer to prepare their electronic surety bond.

How should the bond be prepared?
Confirm that the bond number is exactly the same as the bond number that appears on the original bond form. In addition, the bond amount must represent the bond obligations inclusive of all riders since the bond's original issuance date.

How do licensees/registrants finalize their electronic surety bond in NMLS?
After the surety bond producer has prepared the bond in NMLS, a direct owner, executive officer, or qualifying individual that has completed a background check for the Indiana Department of Financial Institutions must attest to and submit the bond. The surety bond will then be managed entirely through NMLS.

What resources are available to help with this conversion?
Electronic Surety Bond Training
Make sure to attend the ESB Training Webinar. Visit the Learning Management System (LMS) for more information and to register.

Electronic Surety Bond Guides
Electronic Surety Bond Resources will be available starting Friday September 2nd. Visit the Quick Guides - Company section of the NMLS Resource Center for more information about the Electronic Surety Bond process.

The Warnock Agency Inc dba www.ezsuretybonds.com is a licensed producer that is appointed with NMLS for the transaction of bonds to ESB in all 50 states. Contact us at 866-546-4605 to have your bonds electronically uploaded to NMLS.

About the author:Lamon Warnock, Surety Bond Blog Author

Hi, I'm , the President of EZ Surety Bonds, and the head blogger for the EZ Surety Bonds Blog. The purpose of my blogs are to inform and help customers to buy surety bonds quickly, easily, and stress-free from EZ Surety Bonds!

Email: Lamon@WarnockAgency.com | PH: 866-546-4605

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