California Deferred Deposit Transaction Law Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of California Payday Loan Lenders
California’s Deferred Deposit Transaction Law refers to payday loan lenders. Such businesses are licensed and regulated by the state’s Department of Business Oversight.
Among meeting other requirements, applicants for the payday loan lender license must have a minimum net worth of $25,000, and furnish the Department with evidence of financial responsibility by obtaining a $25,000 surety bond.
The surety bond may also be referred to as a California payday loan lender bond.
Qualifying and the Premium
You are automatically approved for the $25,000 California deferred deposit transaction law bond. There is no credit check nor underwriter review; our agency issues this bond to you immediately.
The premium is $188 annually. Our agency, however, will need a signed application from you.
Upon receipt of your signed application and payment of the premium, our agency issues you the following items needed for filing:
- The surety bond;
- A Power of Attorney;
- A jurat from our agency as Surety.
After signing your original bond, you’ll file it to:
State of California
Los Angels Office of the Department of Business Oversight
320 West 4th Street, Suite 750
Los Angeles, CA 90013-2344
Premium Prepayment Options
The premium for your CA deferred deposit transaction law bond renews annually on the anniversary of your.
You may prepay this surety bond up to 3 years, thereby saving over annual renewals and lengthening the time between renewals.
The premium prepayment option and savings are as follows:
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
Purpose of Your Surety Bond
The deferred deposit transaction license surety bond serves two main purposes:
- that you will observe all laws and regulations as a payday lender in the course of your business and professional activities;
- and that you will pay and account for any money owed to the Department of Business Oversight.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and probate surety bonds in all 50 states and Washington D.C.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…