License Revoked

[lifeisgood]

I have had my Mortgage Broker Bond for a number of years and recently had my license revoked. I still have another 10 months left on my renewal - can I keep my bond active or do I need to cancel it?

[Surety Wizard]

If your license has been revoked there really is no need to have an active bond. If it is after your first year with the same Surety you should be entitled to a pro-rated refund. I would call your agent and inquire about your options.

[lifeisgood]

But what if my license is slated to be reinstated within the next 6-8 weeks - would I need to have my bond cancelled and reinstated as well?

[Surety Wizard]

In that case you should leave your Surety Bond in place. As long as there are not any claims against your bond you should be fine.