The Indiana loan broker bond is now a single $60,000 surety bond required of brokers in the state. AmeriPro Surety Bonds offers great pricing on this bond. Please read our article and call us today at 844-589-9732.
Indiana Loan Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Loan Broker Companies – Indiana
2019 Indiana legislation has reduced the number of surety bonds required of Indiana loan brokering firms from 3 to just one.
For those who qualify, our agency provides the Indiana loan broker bond for one of 3 low premium amounts (annually, or prepaid for 2 or 3 years).
Indiana Loan Broker Bond: Amount of Surety Bond Required and the Premium
Whereas formerly, the Indiana loan broker bond amount was based upon 3 different dollar amounts, the bond amount required now for all applicants is a $60,000 surety bond.
With the exception outlined below, candidates for this surety bond will have an amount which is determined by:
- Information provided on an application;
- Credit score.
Under this procedure, a well qualified applicant may pay as little as 1% annually; however, based upon the information provided and your credit, the amounts may vary somewhat or substantially.
Qualifying Without a Credit Check and the Premium:
To qualify for the Indiana loan broker bond without a credit check through AmeriPro Surety Bonds, the following must be applicable:
- You have never been convicted of a felony;
- You have never had a company become insolvent or go bankrupt;
- You have never had a surety bond declined, canceled, or one that has had a claim made against it;
- You have no unsatisfied judgments, liens, or lawsuits against you personally nor any companies which you control, operate or own;
- You have operated your comlany under the same ownership, same name, and same location for at least 3 years;
- You have never been party to any professional disciplinary proceedings resulting in some form of punitive action.
If the above is true, we offer this bond with no credit inquiry for:
- $450 for one year;
- $810 if prepaid for 2 years;
- $1170 if prepaid for 3 years
If you require a standard underwriting process, be assured that our agency will still work to find you the best surety bond pricing.
The Purpose of this Bond
The Indiana loan broker bond is a financial guarantee required to ensure your compliance with Indiana Code 23-2-5, also known as the Indiana Loan Broker Act.
While required of your company, this bond is for the benefit of any consumers who are harmed by a licensed company which fails to abide by the provisions of this law, and which consequently causes harm.
Violations of the law may subject you to both civil and criminal penalties.
As principal for this bond you are responsible to indemnify the surety for any claims paid against your bond; however, the aggregate sum of such claims, excluding lawyers’ fees and costs, if applicable, will not exceed the sum total of the bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Indiana.
We also provide surety bonds nationwide.
Please call our agency for your surety bond today at:
Or, you may complete the form below and a surety agent will contact you…