Mississippi Consumer Loan Broker Bond
AmeriPro Surety Bonds | 844-589-9732
Consumer Loan Brokers – MS
Consumer loan broker businesses in Mississippi are regulated and licensed by the Department of Banking and Consumer Finance.
The Department requires your consumer loan broker business to obtain a $25,000 surety bond as one of the prerequisites for both new – and/or renewal – licenses.
Qualifying and the Premium
Every applicant for the $25,000 Mississippi consumer loan broker bond is automatically approved. There is no credit check nor underwriter review.
What this means for you is that after completion of a very short surety bond application — which we’ll take from you over the phone – our agency issues this bond to you immediately after payment of the $250 premium.
Once the bond has been issued, it is sent to you by the following business day. Upon receiving it, you’ll see the bond has our signature as Surety. You’ll need to sign your bond as Principal before filing the original surety bond with the Commissioner of Banking and Consumer Finance. Also, you’ll need to have your surety bond notarized.
The address where you’ll file your surety bond is:
State of MS Commissioner of Banking & Consumer Finance
P.O. Box 12129
Jackson, MS 39236-2129
Phone Number: 601-321-6916
Premium Prepayment Options
At a $250 premium payment, your consumer loan broker surety bond is issued with a term that renews annually.
The option exists to prepay your bond for up to 3 years. Prepayment of your premium saves you over year to year renewal of your bond, besides lengthening the time between renewals.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $450, a $50 savings;
- If prepaid for 3 years, the premium is $650, a $100 savings.
Purpose of Your Surety Requirement
The consumer loan broker bond is a financial guarantee of your compliance with the Mississippi Consumer Loan Broker Act, and any amendments or additions to this law. The bond is a financial guarantee which protects consumers who may be harmed by the failure of licensed broker to comply with any relevant statutes.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Mississippi. Our agency also provides surety bonds nationwide.
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