How quickly must a new bond be filed after recovery from an action on a bond?

A new bond must be filed within 10 days after a recovery from an action on a bond to ensure compliance with California’s mortgage lending regulations. This requirement is in place to maintain uninterrupted coverage and protect consumers, as it ensures that the lender or mortgage-related entity is continuously subject to the financial liability protections afforded by the bond. Timely filing after a recovery underscores the importance of maintaining responsibility and accountability in the lending process, thereby enhancing the integrity of the mortgage lending system in California. This timeline is critical for both regulatory adherence and consumer confidence in the lending practices of licensed entities.