Loan companies in Iowa are categorized by the Iowa Division of Banking as:
Both categories require a $25,000 surety bond as a prerequisite for licensing, or to renew an existing license. The information provided here applies to both loan company types.
Meeting this surety bond with our agency will take a few short of minutes of your time.
If your bond requires filing through NMLS, the Nationwide Mortgage Licensing System, our agency can also file this on your behalf, further saving you additional time.
The $25,000 Iowa loan company license bond is issued to you immediately after completion of a short surety bond application --- which we’ll take from you over the phone --- and payment of the $188 premium.
There is neither a credit check nor review by an underwriter for this surety bond. What this means for you is that you are automatically approved for this bond and it is issued to you immediately.
As noted above, our agency can also file this bond on your behalf through NMLS; or, we can email/mail a copy of your completed surety bond for you to file on your own initiative, however you prefer.
At $188, the IA loan company surety bond is issued for a standard one year term. Thereafter the bond and the premium must be renewed. You also have the option to prepay this bond for up to 3 years. Prepayment of the premium allows you a savings over year to year renewal of the surety bond; and besides, it lengthens the time between renewal.
The premium prepayment amounts and savings are as follows:
For the Iowa regulated loan license bond, the bond is a financial guarantee of your compliance with Iowa Code Chapter 536, and any additional relevant laws or amendments.
For the Iowa industrial loan license bond, the bond is a financial guarantee of your compliance with Iowa Code Chapter 536A, and any additional relevant laws or amendments.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit and court bonds throughout Iowa.
Our agency also provides surety bonds nationwide.
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