Supervised lenders are persons or businesses engaged in offering consumer loans which are greater than 12% annually. Loans in this category include:
Supervised lenders must also furnish a surety bond according to production levels. Our agency provides you with the surety bond amount required.
The Colorado supervised lender bond has a minimum amount of $15,000 and a potential maximum amount of $250,000.
The breakdown for production levels and the surety bond amount are as follows:
According to the state’s Department of Law, the way to avoid any potential adjustments in the amount of bond required (the bond potentially adjusts every June 1st) is to post a bond of $25,000 for all locations; and with a maximum amount, regardless of the number of locations, of $250,000. You may obtain a single $250,000 surety bond.
Up to $25,000, this surety bond is an instant issue surety, offered to you for $188 annually.
After completion of an application, and payment of the bond premium the bond is issued to you without the standard underwriting and credit inquiry involved in many surety bonds.
For amounts over $25,000, pricing is still very favorable, and depending on the status of your company and other conditions, may also involve no credit inquiry. A $250,000 Colorado supervised lender bond may cost you as little as $1875 annually, if you qualify.
Additionally, there is typically also the ability to prepay your bond for 2 or 3 years, thereby offering you a savings over year to year renewal of the premium.
The supervised lender bond is a financial guarantee which ensures the Colorado consumer that you will be in compliance with all relevant provisions of the Colorado Uniform Consumer Credit Code and any additions or amendments to the law.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary bonds throughout Colorado.
Our agency also provides surety bonds nationwide.
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