The Oklahoma Department of Consumer Credit regulates the licensing of supervised lenders businesses. Supervised lenders, as defined by the Department, either make or take supervised loans from Consumer Credit organizations.
Besides obtaining a surety bond of at least $5000, you must also show assets of at least $25,000. Meeting the surety bond requirement will likely be the easiest part of your licensing process.
The Oklahoma supervised lender bond is a $5000 surety bond, with an additional $1000 surety bond amount required for each additional location.
With our agency, unless you have over 50 locations, the bond is an “instant issue” surety. This means that there is no credit check nor underwriter review.
It also means that after completion of a surety bond application --- which we’ll take from you over the phone – and payment of the premium, the bond is issued to you immediately.
Additionally the premiums are very favorably priced: For instance, any supervised lender surety bond amount between 5,000 to $13,000 will have a $100 annual premium. Premiums increase from there; however, it is either not applicable to you, or in any case if it is, the premium amounts increase only incrementally.
When paid, the standard premium actives your bond for a one year period. Thereafter, the bond and your premium must be renewed. Our agency also offers you the option to prepay your surety bond’s premium for up to 3 years.
Prepayment of the premium benefits you in two ways: One, it increases the time between surety bond renewals. The second is that it offers you a savings over year to year renewal of the premium.
For example, a $100 premium prepaid would be as follows:
The same is correspondingly true for larger premium amounts.
The purpose of the Oklahoma supervised lenders bond is a financial guarantee for the Department and the people of Oklahoma that you will be in compliance with all statutes and any future amendments relating to your profession.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Oklahoma.
Our agency also provides surety bonds nationwide.
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