At the heart of ensuring the integrity and trustworthiness of mortgage lenders and brokers in Virginia lies the CCB-8813 form, a critical document officially titled the Surety Bond pursuant to §§ 6.2-1604 and 6.2-1703 of the Code of Virginia. This form establishes a legal and financial bridge between the business entities offering mortgage services and the Commonwealth of Virginia, represented by the State Corporation Commission. Crafted to safeguard the interests of the state and its inhabitants, the bond listed in this document underscores the commitment of mortgage professionals to adhere to the established laws and regulations governing their field. By setting out a penal sum, the form essentially guarantees that any losses, damages, or liabilities incurred due to the violation of relevant laws by the principal or their associates will be compensated. It includes conditions for the bond’s validity, emphasizing strict compliance with both Chapters 16 and 17 of Title 6.2 of the Code of Virginia, alongside any subsequent regulations. Furthermore, the provision for the surety to terminate its obligation under specified conditions, while ensuring that prior obligations remain unaffected, illustrates the dynamic nature of such legal instruments. Detailed within are also the necessary signatories, including a space for the attachment of a Power of Attorney if required, and contact information for claims against the surety, all of which underline the form's role as a foundational document for the regulated operation of mortgage businesses in Virginia.
| Question | Answer |
|---|---|
| Form Name | Form Ccb 8813 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | severally, successors, SURETY, assigns |
STATE CORPORATION COMMISSION BUREAU OF FINANCIAL INSTITUTIONS 1300 EAST MAIN STREET, SUITE 800 POST OFFICE BOX 640
RICHMOND, VIRGINIA
SURETY BOND
PURSUANT TO §§
Bond No. ________________Bond Amount $_______________
KNOW ALL MEN BY THESE PRESENTS:
THAT WE, _____________________________________________________, as principal, and
_________________________________________________________, as surety, are bound unto the Commonwealth
of Virginia in the penal sum of ________________________________________________ ($______________),
payable to the State Corporation Commission, for the payment of which we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, by these presents:
WHEREAS, the above named principal is engaged in business as a mortgage lender or mortgage broker, or both, and is either exempt from such application requirement or has applied to the State Corporation Commission for a license to engage in business under Chapter 16 of Title 6.2 of the Code of Virginia;
NOW THEREFORE, the conditions of this obligation are such that if the above named principal and all persons acting for the principal shall strictly comply with the provisions of Chapter 16 and/or Chapter 17 of Title 6.2 of the Code of Virginia, as applicable, all regulations duly promulgated thereunder, and all other laws applicable to the conduct of its business, and shall pay and satisfy all loss, damage and liability suffered by or owing to the State Corporation Commission or any person dealing with the principal on account of its violation of any such laws and regulations, then this obligation to be void, otherwise to remain in full force and effect.
In no event shall the aggregate liability of the surety exceed the penal sum specified herein. The surety shall have the right to terminate its obligation under this bond by written notification to the principal and the Commissioner of Financial Institutions at least ninety (90) days prior to the effective date of such termination. Obligations of the surety arising prior to such effective date shall not be affected by such termination.
WITNESS the following signatures and seals this __________ day of _______________________, _______.
Persons executing for surety, other than corporate officers, must attach Power of Attorney authorizing them to execute bonds for surety.
__________________________________________
By: __________________________________(Seal)
Signature
__________________________________________
By: __________________________________(Seal)
Signature
Name, address, and telephone number of person with surety to be contacted in the event a claim must be filed:
Name:____________________________ Title:_________________________________
Address:________________________________________________________________
City:_________________________ State:_____________________Zip:___________
Telephone Number: (_____)_____________________________