What is the range for the broker surety bond requirement?

The range for the broker surety bond requirement in South Carolina is correctly identified as between $25,000 and $55,000. This requirement is established by the South Carolina Mortgage Licensing and Consumer Protection Act, which mandates that mortgage brokers maintain a surety bond to protect the public from potential misconduct or financial mismanagement.

Having a surety bond ensures that there are sufficient funds available to cover claims made against a broker for violations of laws or regulations in the course of their business. This not only enhances consumer protection but also contributes to the integrity of the mortgage lending process.

The other ranges presented do not align with the established requirements in South Carolina regarding mortgage broker surety bonds. The correct answer reflects the specific legal obligations set forth for mortgage professionals in the state, ensuring appropriate financial safeguards are in place.