California Student Loan Servicing Bond |
AmeriPro Surety Bonds | 844-589-9732
California Student Loan Servicer
Student loan servicing companies, for a fee, help persons with student loan refinancing, combining different student loans into one payment, reducing payment of private and federally funded student loans, and other related services.
California Law and Student Loan Servicing Companies
Beginning January 1, 2018, and thereafter, student loan companies, unless expressly stated otherwise by the state of California, are required to be licensed.
Regulatory Body for the California Student Loan Servicer Bond
California student loans are regulated by the California Department of Business Oversight.
The department will not issue paper licenses for student loan servicing companies.
Some Licensing Requirements for California Student Loan Servicer Bond Companies
Some, but not all, of the licensing requirements for California student loan services include the following:
- A continual net worth of at least $250,000;
- An application fee of $400 (the licensing fees are non-refundable);
- A credit report for “control” persons, defined, at least, in part, as owners and executives, for $15.00 (any derogatory information will need to be explained in full. Judgments, bankruptcies, and any child support payments in arrears will need to be fully disclosed);
- A registered agent;
- Applicants may or may not be required to submit to a background check with the Federal Bureau of Investigations. As of this writing, this portion of the application has been suspended; however, it may be reinstated at any time;
- Company document samples of the following: notice of transfer servicer; notice of end deferment period; information on income-based repayment plans; notice of loan balance transfer to debt collections agency; notice of default; billing statement; toll free number to contact a representative of the company; acknowledge of complaint and resolution of complaint with phone numbers.
The application and required documents will be uploaded through the National Multi-state Licensing System (NMLS).
Surety Bond Requirements
The California student loan servicer bond, once purchased by you, can be electronically filed by AmeriPro Surety Bonds on your behalf.
Once you purchase your surety bond, we will take care of the rest.
The surety bond you will be required to purchase are as follows:
Dollar Amount of Loans Serviced
$0-$50,000,000 $25,000 Surety Bond Required
$50,000,001 – $100,000,000 $50,000 Surety Bond Required
$100,000,001 – $250,000,000 $75,000 Surety Bond Required
Over $250,000,000 $100,000 Surety Bond Required
Cost of the Surety Bond (Premium)
Applicants for the student loan servicer surety bond, regardless of the amount required, will pay only a fraction of the face amount.
The premium that will ultimately be paid will be determined, largely, by the following two criteria:
The surety bond amount (i.e. Is the California loan service bond for $25,000 or more?)
The applicant’s credit score.
AmeriPro Surety Bonds
We also provide surety bond services in all 50 states.
Allow us to provide your California student loan servicer bond in the amount require today: