Montana Deferred Deposit Loan Bond |
AmeriPro Surety Bonds | 844-589-9732
Montana Deferred Deposit Loan License
Montana deferred deposit loan businesses are regulated by the state’s Division of Banking and Financial Institutions.
In addition to the license cost of $500, you are also required to obtain a $10,000 surety bond. Your surety bond, after its purchase, can be filed by us on your behalf through NMLS, the Nationwide Mortgage License System.
The $10,000 surety bond is required per location. However, what we write below is applicable regardless of the number of bonds required. A business with more than one office will need a separate surety bond for each location.
Qualifying and the Premium
You are automatically approved for the $10,000 Montana deferred deposit loan bond. For this surety bond, there is neither a credit check nor an underwriter review.
Instead, we’ll just need the following:
- A surety bond application, which we’ll take from you over the phone, but which we’ll also need you to sign and have witnessed;
- A recent financial statement;
- Payment of the $100 premium
After providing these items to us and paying your annual premium, our agency will issue and file your bond to NMLS.
If you prefer to do your own filing, then we’ll mail you the original surety bond along with a copy of the Power of Attorney form.
Premium Prepayment Options
At $100 premium, your Montana deferred deposit loan bond is active for one year. Thereafter, your bond renews on the anniversary of its issuance.
You also have the option to prepay your bond up to 3 years. Prepayment of your premium allows you a savings over annual renewals, besides lengthening the time between renewals.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is just $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
Purpose of the Surety Bond Requirement
The purpose of your surety bond requirement is to serve as a financial guarantee of your compliance with the Montana Deferred Deposit Loan Act, and any future amendments to this legislation.
AmeriPro Surety Bonds provides deferred deposit surety bonds nationwide. We are also a provider of license and permit surety bonds in all 50 states.
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